CleanCore Solutions has raised $175 million through a private placement offering to establish a Dogecoin treasury. Once the deal closes on September 4, the company will begin purchasing DOGE.
DOGE has managed to hold the $0.210 support level and rebounded, now trading around $0.214. This move sets up a possible challenge of the significant declining trendline resistance, which could determine the next major breakout.
NYSE-listed CleanCore Solutions (ZONE) confirmed the launch of the $175M DOGE-treasury initiative, which will be created alongside the Dogecoin Foundation and the House of Doge. The initiative is being hailed as the meme coin’s first official treasury, designed to give Dogecoin stronger institutional credibility.
House of Doge CEO Marco Margiotta said in a press release: “By anchoring Dogecoin with an official foundation-backed treasury strategy, we’re setting a precedent for how public companies can align with foundations to build real utility around digital currency, while honoring the community.”
Once the deal closes, CleanCore’s board will include Chairman Alex Spiro (Elon Musk’s attorney), Timothy Stebbing (Director at the Dogecoin Foundation), and Marco Margiotta (CTO of House of Doge). This development also confirms earlier reports from Fortune that Spiro would chair a new public corporation seeking up to $200 million for a Dogecoin treasury.
This isn’t the first time companies have experimented with DOGE-based treasuries. Bit Origin purchased 40.5 million DOGE in July as part of a $500 million digital asset program backed by share sales and debt issues. Similarly, Canada-based blockchain company Neptune revealed in February that it had acquired 1 million DOGE through derivatives
From a technical perspective, if DOGE continues to hold above $0.210, it could make another attempt to retest the July 21 declining trendline barrier. However, if support fails, the memecoin may fall toward $0.180.
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