NYSE-listed company CleanCore Solutions has added over 710 million Dogecoin to its balance sheet, edging closer to its target of 1 billion Dogecoin.
“CleanCore’s Treasury includes total Dogecoin Holdings of over 710 million, with over $20 million in unrealized gains, and sufficient cash to keep acquiring Dogecoin supported by the partnership of Bitstamp by Robinhood,” CleanCore Solutions said in a statement on Tuesday.
Dogecoin (DOGE) is trading at 24.5 cents, valuing the company’s holdings at approximately $173.92 million, according to CoinMarketCap. CleanCore said it raised about $175 million before expenses through a private placement on Sept. 5.
CleanCore shows concern over mNAV
The company stressed that its strategy goes beyond piling up DOGE, and said it wants to carefully grow its treasury to bolster the long-term market cap relative to net asset value (mNAV) while keeping the focus on building shareholder value and scaling in a transparent, sustainable way.
CleanCore CEO Clayton Adams said its strategy “is closely aligned with the long-term vision of insiders and the House of Doge, which emphasizes expanding utility as a catalyst for broader adoption and sustained demand for Dogecoin as a global digital asset.”
CleanCore Solutions Inc (ZONE) closed trading on Tuesday down 8.44% at $2.06, seeing a slight 1.46% after-hours to $2.09.
Not everyone in the industry sees the mNAV as meaningful for crypto treasury companies.
Greg Cipolaro, global head of research at NYDIG, said last month that the metric overlooks firms with business operations beyond simply buying and holding large amounts of crypto, and it also fails to accurately reflect a company’s convertible debt.
Smaller firms risk overexposure
The warning follows Standard Chartered’s caution that smaller firms face mounting risks of overexposure, as more digital asset treasuries see their mNAVs collapse.
If mNAVs remain depressed, Standard Chartered expects consolidation across the sector, with larger players potentially scooping up weaker rivals.
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It comes not long after the launch of the first Dogecoin-based exchange-traded fund in the US — the REX-Osprey DOGE ETF (DOJE) — which debuted on Sept. 18 with $6 million in first-day trading volume.
Meanwhile, on Tuesday, Nasdaq-listed CEA Industries Inc. reported holding 480,000 BNB tokens, acquired at an average price of $860 per token. The investment cost roughly $412.8 million, with the holdings currently valued at around $585.5 million.
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