Dogecoin Foundation, CleanCore Launch $175M Treasury Led by Musk Lawyer

CleanCore Solutions has launched the first official Dogecoin treasury with a $175 million private placement, marking a significant step in institutionalizing Dogecoin beyond its memecoin status. The initiative, backed by prominent investors such as Pantera, GSR, and FalconX, will focus on governance, institutional reporting, staking opportunities, and expanding DOGE's use in payments and tokenization. Elon Musk’s personal lawyer, Alex Spiro, is leading the treasury as chairman, bringing legal and strategic credibility given his prior defense of Musk in a lawsuit related to Dogecoin. Despite the high-profile backing and potential for broader financial adoption, CleanCore’s stock plunged about 60% following the announcement, reflecting market skepticism about the risks tied to Dogecoin’s volatility and the new treasury strategy. The Dogecoin Foundation’s commercial arm, House of Doge, is partnering closely with CleanCore and advising the treasury, aiming to build investor trust and support future institutional products such as ETFs. This move represents a bold pivot for CleanCore and a watershed moment for the Dogecoin ecosystem, though it faces cautious market reception amid regulatory uncertainties.