Dogecoin Treasury Launched by CleanCore and House of Doge

House of Doge Inc. has partnered with CleanCore Solutions to launch what they call the 'official' Dogecoin digital asset treasury, initiating with a private placement offering of $175 million. According to a recent announcement, Alex Shapiro, Elon Musk’s personal lawyer, will serve as Chairman of the Board of Directors for the new Dogecoin Asset Treasury (DAT). To form this treasury, CleanCore has signed securities purchase agreements to offer 175,000,420 Pre-Funded Warrants at $1.00 each. The transaction has garnered interest from over 80 distinguished institutional and crypto-native investors, including names like MOZAYYX, Pantera, GSR, and FalconX. CleanCore is publicly traded on the New York Stock Exchange under the ticker ZONE, while House of Doge, described as the 'official corporate arm of the Dogecoin Foundation,' will collaborate with ETF issuer 21Shares to manage the treasury’s operations. Timothy Stebbing, Director of the Dogecoin Foundation, emphasized that this treasury initiative is crucial for institutional adoption of Dogecoin. 'By establishing a treasury and ETFs with 21Shares, we are reinforcing Dogecoin's credibility as a serious currency,' he stated. As of 9:56 a.m., ZONE's shares had dropped to $2.90, reflecting a 58% decline according to Yahoo Finance. Last week, Fortunefirst reported on the potential of Musk’s lawyer leading the Dogecoin DAT. Additionally, Bit Origin (ticker BTOG) had previously announced its initial purchase of about 40.5 million DOGE tokens, marking the first public company to implement a treasury for a memecoin. Recently, the emergence of altcoin-based DATs has gained attention as key supporters of various tokens collaborate to transform publicly traded companies into firms focused on purchasing assets such as Solana, SUI, and Toncoin. Grayscale is actively working on an ETF that tracks Dogecoin. Musk, a well-known supporter of Dogecoin, has expressed skepticism towards fiat currencies, emphasizing the potential of cryptocurrencies. Disclaimer: The Block is an independent media entity. As of November 2023, Foresight Ventures is a principal investor in The Block. Information provided here is purely for informative purposes and not financial advice.