The listed company CleanCore increased its holdings by 100 million DOGE ( DOGE ), with open interest surpassing 600 million.

CleanCore Solutions, listed on the New York Stock Exchange, has purchased an additional 100 million DOGE, bringing its open interest to over 600 million DOGE.

The company headquartered in Nebraska announced the acquisition on September 16 through an official press release, marking another milestone in its so-called "official DOGE treasury" strategy. This treasury strategy operates in collaboration with the corporate department of the DOGE Foundation, House of Doge, which provides institutional support for accumulation efforts. CleanCore's recent goal is to acquire 1 billion DOGE within 30 days of launching the initiative on September 5.

CleanCore Accelerates Accumulation After Record Financing and Revenue Growth

The recent purchase of 100 million DOGE was made based on the fact that CleanCore's open interest broke through 500 million tokens just five days ago on September 11.

Behind this aggressive accumulation is CleanCore's record-breaking private placement of $175,000,420 completed on September 2, attracting over 80 institutional investors including Pantera, GSR, FalconX, and Borderless Capital. This financing is specifically aimed at establishing the official DOGE treasury. As part of the deal, Elon Musk's well-known lawyer Alex Spiro immediately became the chairman of CleanCore's board.

Marco Margiotta, the Chief Investment Officer of CleanCore and CEO of House of Doge, stated: "Reaching over 600 million DOGE is an important milestone that showcases the continued progress of our disciplined treasury strategy."

To support this cryptocurrency transformation, CleanCore's core business has also significantly enhanced, with its revenue in the fourth quarter of fiscal year 2025 reaching a record of $1.1 million, marking the first time its quarterly sales have surpassed $1 million. According to the financial report released on August 22, annual revenue grew by 29% to $2.1 million, and although the company's main business is aqueous ozone cleaning technology, this still provides operational cash flow.

In addition, CleanCore secured a large procurement order of $1.37 million in June, of which $876,000 was shipped in the fourth quarter, and $491,000 has been carried over to this quarter. The company also strengthened its balance sheet by converting over $600,000 of debt into equity and gaining over $400,000 from warrant conversions.

At the same time, CleanCore's long-term strategic goal is to acquire 5% of the circulating supply of DOGE while promoting its application in payments, tokenization, staking-like products, and remittances.

Since the launch of the treasury strategy, the price of DOGE has risen from around $0.2417 to the range of $0.27-$0.30, the company noted, which reflects a growing market confidence consistent with its accumulation approach.

Corporate cryptocurrency diversification accelerates, Bitcoin treasury model faces headwinds

CleanCore focuses on DOGE practices, emerging amidst a broader diversification wave where companies are moving away from the traditional treasury model of solely holding Bitcoin. Unlike established Bitcoin treasury developers like MicroStrategy, which has rebranded to Strategy Inc. and holds 638,985 BTC, newcomers are exploring other digital assets to capture different utility propositions and revenue opportunities.

Just a day before CleanCore's announcement, Galaxy Digital executed a $306 million purchase of Solana, which is part of its $1.55 billion accumulation of SOL over 5 days to support Forward Industries' $1.65 billion Solana treasury initiative.

Similarly, Nasdaq-listed Mill City Ventures announced plans to raise $500 million to expand its Sui token treasury, positioning itself as the first institution-level Sui treasury to receive official foundation support.

This shift reflects that the "easy money" era for crypto treasury companies described in an industry report is over, as market premiums are compressing, and companies must move beyond simple accumulation strategies to seek differentiation. However, the analysis points out that most participants face potential failures in an adverse credit cycle, forcing them to transition from guaranteed premiums to what researchers call a "player versus player" competitive phase.

Analysts from Standard Chartered also pointed out in a recent report that due to the advantages of staking yields, the performance of Ethereum and Solana treasury may outperform companies focused on Bitcoin, while Bitcoin treasury companies face potential consolidation pressures due to market saturation.

The CleanCore foundation's support method contrasts with pure speculative treasury strategies, positioning DOGE as the "primary reserve asset" as referred to by Margiotta, while also supporting actual business use cases.

Conclusion

CleanCore Solutions' aggressive holding strategy has propelled DOGE to the forefront of corporate asset allocation, reflecting the trend of the crypto market transitioning from "Bitcoin dominance" to a diversified token treasury. While Strategy remains steadfast in the Bitcoin camp, new players are seeking differentiated returns through assets such as Solana, Sui, and even DOGE—Galaxy Digital's SOL treasury, Mill City's Sui layout, and CleanCore's DOGE gamble together sketch a new picture of enterprise-level crypto investment.

However, this feast still comes with hidden worries: the uncertainty of regulatory attitudes towards meme coins, the mismatch between the actual utility of DOGE and its market value, and the staking yield model has yet to be tested through a complete economic cycle. Although CleanCore tries to build a moat through foundation cooperation and business cash flow, if the macro environment reverses or the DOGE ecosystem fails to break through the limitations of payment scenarios, the halo of its "first DOGE treasury" may struggle to withstand market fluctuations. The competition for corporate crypto treasuries has evolved from a simple coin hoarding game to a comprehensive contest of ecosystem empowerment, yield innovation, and risk management.