CleanCore Adds 710 Million Dogecoin to Its Balance Sheet

The NYSE-listed firm said its strategy is backed by a $175 million raise, and it plans to strengthen its market cap relative to net asset value while also promoting Dogecoin’s adoption. Meanwhile, corporate Bitcoin adoption is also in the spotlight as Strategy’s 640,031 BTC treasury briefly topped $80 billion. This puts it on par with tech giants like Microsoft and Amazon. 

CleanCore Buys 710 Million DOGE

CleanCore Solutions, a New York Stock Exchange–listed company, expanded its crypto holdings by adding over 710 million Dogecoin (DOGE) to its balance sheet. This brought the company closer to its ambitious goal of holding 1 billion DOGE. 

According to a statement that was released on Tuesday, CleanCore’s Dogecoin treasury is now worth approximately $173.9 million based on the token’s current price of close to $0.2452, with over $20 million in unrealized gains. The company said it has sufficient cash reserves to keep accumulating Dogecoin, which is supported by its partnership with Bitstamp by Robinhood. CleanCore previously raised $175 million through a private placement on Sept. 5 to fund its acquisition strategy.

Announcement from CleanCore Solutions

While the company’s Dogecoin accumulation attracted a lot of attention, CleanCore explained that its approach extends beyond simply hoarding cryptocurrency. Its leadership said the firm’s main goal is to strengthen its market capitalization relative to its net asset value (mNAV) in a sustainable and transparent way. 

Chief Executive Officer Clayton Adams said that the treasury strategy aligns with the long-term vision of insiders and the Dogecoin Foundation’s corporate arm, the House of Doge, which promotes expanding Dogecoin’s utility to drive mainstream adoption and lasting global demand.

Despite the company’s optimism, not all analysts see mNAV as a very reliable measure of value for crypto treasury firms. Greg Cipolaro, head of research at NYDIG, recently argued that the metric overlooks operational revenue streams and misrepresents firms that hold convertible debt or diversify beyond token accumulation. 

Meanwhile, Standard Chartered warned that smaller digital asset treasuries could face serious risks of overexposure as mNAVs across the sector weaken. The bank expects potential consolidation, and larger players buying struggling rivals if market conditions persist.

The announcement was made on the heels of the first Dogecoin-based exchange-traded fund (ETF), the REX-Osprey DOGE ETF (DOJE), which launched in mid-September and saw $6 million in first-day trading volume. On the same day, Nasdaq-listed CEA Industries revealed  that it holds 480,000 BNB tokens valued at about $585.5 million.

Strategy Closes In on Tech Giants

Other crypto treasury companies are also making a splash. Strategy’s Bitcoin holdings soared to almost $80 billion, which put the company’s crypto treasury on par with the massive cash reserves of global tech giants like Microsoft, Amazon, and Google. 

The firm revealed on X that its 640,031 Bitcoin (BTC) stash briefly jumped above $80 billion in value on Monday after Bitcoin reached a new all-time high of $126,080. This milestone places Strategy’s Bitcoin treasury close to Microsoft’s $97 billion and Amazon’s $95 billion in cash and cash equivalents.

BTC’s price action over the past week (Source: CoinMarketCap)

Strategy’s Bitcoin holdings have now surpassed the total value of Nvidia, Apple, and Meta’s corporate treasuries. Interestingly, Meta shareholders rejected a proposal in June to consider adding Bitcoin to the company’s balance sheet, while Microsoft shareholders voted down a similar motion in December. 

Both proposals were submitted by Ethan Peck, who is deputy director of the National Center for Public Policy Research (NCPPR). He argued that holding Bitcoin could protect shareholder value from currency debasement. Peck also said that 28% of Meta’s assets were effectively losing value due to inflation and low bond yields, and suggested that Bitcoin will act as a better hedge against monetary erosion.

At the time of Microsoft’s rejection, Bitcoin was trading at $97,170, while Meta declined the proposal when Bitcoin was $104,800—well below its current level. This means that both companies missed out on double-digit gains. 

Microsoft shareholders pointed to Bitcoin’s volatility as a key reason for rejecting the idea. Peck also serves as Bitcoin director at Strive, and recommended that Microsoft allocate between 1% and 5% of its cash reserves to Bitcoin, but the company chose to stay cautious.

Now, the surge in Bitcoin’s value renewed discussions about corporate treasury diversification. JPMorgan analysts recently described Bitcoin and gold as “debasement trades,” assets that serve as protection against the weakening US dollar and growing national debt, which is  now more than $38 trillion. Even BlackRock CEO Larry Fink, who was once a Bitcoin skeptic, projected earlier this year that Bitcoin could eventually reach $700,000 due to concerns about currency devaluation.

Bitcoin holdings (Source: BitcoinTreasuries.NET)

More than 200 public companies now hold Bitcoin, up from fewer than 100 at the start of 2025.