CleanCore Solutions, a company listed on the NYSE, has recently bolstered its treasury by adding more than 710 million Dogecoin tokens, moving closer to its goal of one billion tokens.
“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 reported in a statement on Tuesday.
Dogecoin is currently priced at 24.5 cents, which brings the total value of CleanCore’s holdings to around $173.92 million, based on data from CoinMarketCap. The company also successfully raised about $175 million prior to costs through a private placement that was announced on September 5.
CleanCore Highlights mNAV Concerns
The firm emphasized that their strategy extends beyond merely accumulating DOGE. They intend to grow their treasury diligently to enhance the long-term market cap in relation to net asset value (mNAV), while maintaining a commitment to increasing shareholder value and scaling operations sustainably and transparently.
CEO Clayton Adams remarked that this approach “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.”
On the previous trading day, CleanCore Solutions Inc (ZONE) saw a decline close at $2.06, which translated to an 8.44% decrease, though it was up by 1.46% in after-hours trading to $2.09.
ZONE closed the trading day on Tuesday down 8.44%. Source: Google Finance
Not all industry players believe that mNAV is a valuable measure for cryptocurrency treasury companies. Greg Cipolaro, who leads global research at NYDIG, conveyed last month that the metric overlooks companies that engage in business beyond just purchasing and holding large quantities of cryptocurrency and does not accurately represent a firm’s convertible debt.
Smaller Firms Face Overexposure Risks
Concerns have arisen following Standard Chartered’s warning that smaller companies may be experiencing growing risks of overexposure as more digital asset treasuries report collapsing mNAVs. If low mNAVs persist, Standard Chartered anticipates consolidation within the industry, with larger firms potentially acquiring weaker competitors.
Recently, the first Dogecoin-based exchange-traded fund in the US was launched—the REX-Osprey DOGE ETF (DOJE)—which started trading on September 18, recording a first-day volume of $6 million.
On Tuesday, CEA Industries Inc., another Nasdaq-listed company, announced that it holds 480,000 BNB tokens, purchased at an average price of $860 each, summing up to an investment of about $412.8 million, with current valuations approximating $585.5 million.
