CleanCore Solutions Shares Drop 60% After $175 Million Dogecoin Treasury Announcement
Shares of CleanCore Solutions (ZONE) fell approximately 60% after the company announced a $175 million private placement aimed at establishing a digital asset treasury focused on DOGE.
- The deal entails the sale of 175 million pre-funded warrants at $1 each.
- Participation included over 80 investors, with notable firms like Pantera, GSR, and FalconX.
- Proceeds will be used to acquire DOGE for the company's treasury and support operations.
- The offering is set to close on September 4, pending regulatory approvals.
- The initiative received backing from the Dogecoin Foundation and House of Doge.
- Alex Spiro has been appointed chairman of the board, and Timothy Stebbing and Marco Margiotta have taken on key roles in the board and investment management.
- CleanCore aims to position DOGE as a legitimate asset beyond its meme status and may explore staking options for returns.
This move aligns with a trend among public firms establishing cryptocurrency treasuries by raising funds to accumulate digital assets.