CleanCore stock surges after kicking off Dogecoin treasury with 285.4 million DOGE purchase

CleanCore Solutions (ticker ZONE) said Monday it acquired 285,420,000 DOGE, representing approximately $68 million, making it the largest Dogecoin digital asset treasury (DAT) in "just under a week."

The treasury has been established "in anticipation of increased utility and adoption, driven by the efforts of House of Doge, the newly formed corporate arm of the Dogecoin Foundation," according to a statement. CleanCore also said it aims to acquire up to 1 billion DOGE within the next 30 days.

"ZONE's treasury was created to capture the value of Dogecoin’s ability to serve as the people’s currency," said Marco Margiotta, who serves as both CleanCore's CIO of House of Doge's CEO. "Our treasury strategy is aligned with the forward-looking vision of House of Doge, where increased utility is expected to translate into broader adoption, making Dogecoin more in demand as a global digital asset."

Last week, House of Doge announced its partnership with the NYSE-listed CleanCore to form the "official Dogecoin treasury" with the plan to fund token purchases with a $175 million PIPE offering.

After closing Monday's session at $3.51 per share, ZONE shares surged 40% in after-hours trading. The company has a market capitalization of around $50 million, according to Yahoo Finance.

The price of dogecoin was up about 7% to $0.24 as of 4:47 p.m. ET, according to The Block's DOGE price data. With a market cap north of $36 billion, it is the seventh-largest cryptocurrency (not including stablecoins). Of note, the first Dogecoin ETF could come to market as soon as this week, according to a Bloomberg analyst.