CleanCore Solutions, a maker of aqueous ozone cleaning systems, has now acquired more than 500 million Dogecoin (DOGE), reaching the halfway point of its $1 billion treasury plan. The milestone came after the company purchased $130 million worth of DOGE on Thursday.
Earlier this week, CleanCore also bought 285.42 million DOGE. The firm has pledged to acquire a total of 1 billion tokens within 30 days.
Treasury strategy and vision for Dogecoin
“Crossing the 500 million DOGE threshold demonstrates the speed and scale at which ZONE is executing its treasury strategy,” said Marco Margiotta, chief investment officer at CleanCore.
Margiotta, who is also CEO of House of Doge, the commercial arm of the Dogecoin Foundation, added that the goal is to “establish Dogecoin as a premier reserve asset while supporting its broader utility across payments, tokenization, staking-like products, and global remittances.”
First publicly traded DOGE treasury
CleanCore is the first publicly traded company to build a DOGE treasury in partnership with the Dogecoin Foundation and House of Doge.
On 3 September, the firm revealed plans to raise $175 million through a private placement to fund its purchases. The news triggered a 60% drop in its stock price. However, CleanCore completed the private placement just two days later on 5 September.
Stock reaction and financials
The latest DOGE buy came as the cryptocurrency rose nearly 23% over the past seven days, according to CoinGecko.
Shares of CleanCore Solutions (ZONE) closed Thursday at $3.98, down 0.25%. In after-hours trading, the stock gained 11.81% to finish at $4.45, data from Google Finance showed.
Despite recent volatility, ZONE is up 201.52% year-to-date. In its June quarter results, the company reported a 26% rise in revenue year-on-year, though its net profit margin fell 229% during the same period.
