CleanCore Purchases Large-Scale DOGE Holdings
CleanCore Solutions has acquired more than 500 million Dogecoin, reaching the halfway point of its 1 billion DOGE treasury target. The move follows a major purchase of approximately $130 million in DOGE on Thursday, as the company continues its planned accumulation timeline. The company announced the milestone, underscoring the speed at which its treasury strategy is progressing.
Strategic Treasury Expansion
CleanCore's chief investment officer, Marco Margiotta, described the acquisition as a demonstration of the companys treasury execution. Margiotta, who also serves as CEO of House of Doge, emphasized CleanCore's intent to establish Dogecoin as a reserve asset. He said the company aims to support Dogecoins growth across payments, tokenization, staking-like products, and global remittances.
- CleanCore had just over 285 million DOGE on Monday.
- The company intends to reach 1 billion DOGE within 30 days.
CleanCore Solutions is the first publicly traded company to set up a DOGE treasury, collaborating with the Dogecoin Foundation and House of Doge on the initiative. On September 3, it announced a private placement, with proceeds designated for DOGE acquisitions. That news triggered a significant decline in CleanCores stock price, which dropped 60% following the announcement.
Market Reaction and Financial Performance
Despite initial declines, CleanCore completed its private placement by September 5. The DOGE accumulation comes as Dogecoin's price rose by nearly 23% over the past week, according to CoinGecko data. Shares of CleanCore (ZONE) ended Thursdays trading at $3.98, down 0.25%, but rallied 11.81% after hours to close at $4.45, per Google Finance. The stock has more than tripled year-to-date, up 201.52%.
For the fiscal quarter ending in June, CleanCore reported a 26% year-on-year revenue increase, but its net profit margin declined by 229% over the same period.
Spot DOGE ETF Launch Delayed
The Rex-Osprey Doge ETF (DOJE), which was set to become the first spot Dogecoin exchange-traded fund, has experienced a delay in its launch. Bloomberg ETF analyst Eric Balchunas announced on Thursday that DOJEs debut is now expected next week.
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