Chiara Bianchi
House of Doge Inc. announced Tuesday that it has partnered with CleanCore Solutions to create the “official” Dogecoin Digital Asset Treasury (DAT). The treasury is launching with a $175 million private placement offering, signaling a major step toward institutional adoption of Dogecoin.
Elon Musk’s personal attorney, Alex Spiro, will serve as Chairman of the Board of Directors for the new DAT, according to the official statement.
CleanCore explained that it has executed securities purchase agreements for a private investment in public equity (PIPE), selling 175,000,420 Pre-Funded Warrants at $1 each.
The transaction involved over 80 institutional and crypto-focused investors, including MOZAYYX, Pantera, GSR, FalconX, Borderless, Mythos, and Serrur & Co. LLC.
Institutional Support and Oversight
CleanCore, listed on the NYSE under the ticker ZONE, will manage the treasury alongside House of Doge, described as “the official corporate arm of the Dogecoin Foundation.” The DAT will also collaborate with ETF issuer 21Shares to oversee operations and ensure compliance.
Timothy Stebbing, Director of the Dogecoin Foundation, emphasized:
“This treasury is a critical step toward bringing institutional legitimacy to Dogecoin. By partnering with 21Shares and establishing this framework, we’re moving beyond Dogecoin’s meme origins.”
Market Reaction
As of 9:56 a.m., ZONE shares traded at $2.90, down 58% according to Yahoo Finance. Fortune previously reported the possibility of Musk’s lawyer chairing the Dogecoin DAT last week.
Altcoin Digital Asset Treasuries on the Rise
The creation of altcoin-based DATs has gained momentum, with publicly-listed companies forming treasuries for Solana, SUI, Toncoin, and WLFI, among others.
In July, Bit Origin (BTOG) became the first public company to establish a corporate Dogecoin treasury, purchasing approximately 40.5 million DOGE tokens.
Meanwhile, Grayscale is pursuing the launch of an exchange-traded fund tracking Dogecoin, further signaling institutional interest.
Elon Musk and Dogecoin
Musk, Dogecoin’s most high-profile advocate, has previously remarked that “fiat is hopeless”, highlighting his preference for digital currencies. His involvement through key advisors continues to bolster Dogecoin’s credibility in the institutional space.
