CleanCore shares are down 50% today, while DOGE is flat.
More than four years after Elon Musk topped DOGE on Saturday Night Live, the billionaire’s lawyer, Alex Spiro, is taking over a sanitation company to create the first Dogecoin digital asset treasury (DAT).
CleanCore Solutions announced today that Spiro will immediately become Chairman of its Board of Directors, and unveiled a $175 million private placement sponsored by the Dogecoin Foundation and its official commercial arm, the House of Doge. Staying true to its nature as a meme, the company aims to raise $175,000,420 prior to fees and expenses.
It should be noted that Musk is not affiliated with the DAT directly, and that Spiro is a popular personal attorney amongst high-net-worth celebrities.
While the idea of Elon Musk’s lawyer leading the first official DOGE DAT is sure to turn heads, the market doesn’t seem as keen on the news, with DOGE up half a percent on the day, while CleanCore stock (ticker: ZONE) is down 50%.
The offering is expected to close later this week, according to the release. The Dogecoin Foundation’s director, Timothy Stebbing, is set to join Spiro on the board and the House of Doge’s CEO, Marco Margiotta, will step in as the company’s chief investment officer (CIO).
“By anchoring our treasury with Dogecoin, in partnership with the Dogecoin Foundation and House of Doge, we’re adopting a forward-looking reserve strategy while proving how public companies can embrace bold change. This is a watershed moment for both CleanCore and the broader Dogecoin community, to whom we owe much thanks, and we’re proud to help set the standard for what a foundation-backed digital treasury can look like,” said CleanCore’s CEO, Clayton Adams.
Elon’s Fascination with DOGE
Elon Musk’s fascination with DOGE stems back to 2021, when the billionaire entrepreneur rallied behind the memecoin and helped fuel DOGE’s surge to a $75 billion market capitalization, which infamously coincided with Musk’s character in a skit calling the memecoin “a hustle” before exclaiming “To the Moon!” on the popular late night television show, Saturday Night Live.
While Musk’s DOGE peddling slowed significantly after his appearance on SNL, his love for the memecoin reared its head again when he served as a part of the Trump administration by launching the Department of Government Efficiency (D.O.G.E.) in January.
In anticipation of D.O.G.E., Dogecoin reclaimed a multi-year high of $0.46, or a $46 billion valuation, in December 2024, but has failed to reach anywhere close to its 2021 highs. DOGE is down 1.1% over the last week, but is still up more than 100% since September 2024.
