CleanCore Solutions (ZONE) liquidated its entire Dogecoin treasury, selling 463 million DOGE for roughly $33.4 million at $0.072 per token—far below its peak value of $188 million. The company, which adopted a Dogecoin treasury strategy in September 2025, is now pivoting to AI infrastructure through a data center partnership with Cerebras. CEO Clayton Adams, CIO Marco Margiotta, and Chairman Alex Spiro led the sale. Concurrently, CleanCore completed a $100 million stock offering that sent shares up 122% to 502.1 million outstanding, raising dilution risks from issued warrants. The stock has since fallen roughly 25% last quarter to around $0.41.
CleanCore Solutions sold most of its 463 million Dogecoin tokens, worth nearly $33.4 million, to fund an AI pivot, as documents filed with the SEC show. The American-listed company, which sells aqueous ozone cleaners, joined with the Dogecoin Foundation and House of Doge to establish its treasury around September 2025.
With backing from a $175 million private investment in public equity (PIPE) round led by Pantera, GSR, FalconX, and Borderless, the company held over 733 million DOGE. CEO Clayton Adams, CIO Marco Margiotta, and Chairman Alex Spiro spearheaded the sale at $0.072 per coin.
CleanCore raised an additional $100 million through a stock offering, causing shares to surge 122% to 502.1 million. The issuance of warrants adds further dilution risk.
The liquidation marks one of the most dramatic outcomes among digital asset treasury firms. The stock tanked nearly 25% last quarter, pulling ZONE down to roughly $0.41 from $7 after the pivot.
CleanCore is reallocating revenues to a Minnesota data center venture in partnership with Cerebras, which signed an $800 million colocation deal requiring up to $500 million. The company had only $4.1 million in cash as of April.
