CleanCore Solutions and House of Doge Create $175 Million DOGE Treasury

Another DOGE Treasury Created

The partnership comes amid a growing trend of diversifying corporate treasuries into cryptocurrencies, pioneered by companies like MicroStrategy with Bitcoin and recently expanding to altcoins like Solana and Ethereum. CleanCore Solutions, which focuses on water-based ozone cleaning technology with a modest $1.1 million in quarterly revenue and a reported net loss of $6.74 million in fiscal 2025, is an unlikely contender. The House of Doge, which is tasked with increasing the utility of Dogecoin, has leveraged the alliance to transform the meme coin — currently trading at $0.21 with a $30 billion market cap — into a serious financial instrument.

The motivations appear to be multi-layered. For CleanCore, the move may stem from financial difficulties and a desire to pivot away from its struggling core business, using the $175 million raised through 175,000,420 pre-funded warrants at $1 each to shore up its balance sheet. The involvement of high-profile figures such as Elon Musk’s attorney Alex Spiro as Chairman, and Timothy Stebbing of the Dogecoin Foundation on the board, suggests a strategy to gain attention and credibility for the organization.

For the House of Doge, this is a carefully calculated move to legitimize Dogecoin beyond its meme-like framework, backed by 21Shares’ expertise in cryptocurrency exchange-traded products, with an eye toward exploring staking-like rewards and payment integrations. However, the established narrative of institutional adoption is sceptical – CleanCore’s financial instability and Dogecoin’s volatility challenge the feasibility of this ambitious move.

Investment strategy in memecoin?

The fund’s strategy includes using $175 million of proceeds to buy back DOGE as CleanCore’s primary reserve asset, with plans to deploy it to monetization opportunities and tokenization initiatives. The partnership with 21Shares ensures governance and allocation oversight, in line with institutional standards, while the participation of over 80 investors – including both traditional and crypto funds – shows broad support. This mirrors successful fund models such as Bit Origin’s $40.5 million DOGE holding, but the scale and platform behind it set a new precedent.

From a blockchain perspective, the move enhances Dogecoin’s utility by anchoring it to a company’s balance sheet, potentially stabilizing its price by reducing selling pressure. The fund could serve as a source of liquidity for future Dogecoin ETFs, a prospect the SEC is considering, given 21Shares’ track record. However, the technical infrastructure remains underdeveloped — details on custody, staking mechanisms, or blockchain integration are scarce, suggesting a reliance on centralized exchanges or third-party solutions. This hybrid approach, while pragmatic, dilutes the decentralized nature that the Dogecoin community cherishes, raising questions about the long-term relevance of the partnership.

Evaluation and Conclusion

The partnership between CleanCore Solutions and the House of Doge, announced on September 2, 2025, to create the first official Dogecoin fund with a goal of raising $175 million, is a bold experiment at the crossroads of meme culture and institutional finance. Driven by CleanCore’s need for financial innovation and House of Doge’s mission to legitimize DOGE, the initiative leverages the support of reputable institutions and the expertise of 21Shares to explore new avenues of utility. If successful, it could pave the way for institutional adoption of Dogecoin and inspire similar fund models globally.

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