CleanCore Solutions’ aggressive push into Dogecoin as an official treasury asset has triggered a market backlash, with the company’s stock collapsing nearly 78% over the last month as investors weigh deep quarterly losses and a sharp downturn in DOGE’s price.
The stock, which trades under the ticker ZONE on the NYSE American, fell to a record low of $0.3818 this week and ended Thursday’s session down almost 12%.
The decline continued into Friday, deepening concerns over its crypto-heavy balance sheet.
Dogecoin Strategy Drags CleanCore Lower as Operating Costs Skyrocket
The plunge comes just days after CleanCore reported its fiscal first-quarter results for the period ending September 30, revealing a widening net loss of $13.4 million, compared to $0.9 million during the same period last year.
While revenue doubled year-over-year to $0.9 million, and gross profit improved to $0.5 million, the firm’s spending surged.
General and administrative expenses soared to $8.6 million from $0.9 million, driven by professional fees, stock-based compensation, new salaries, and insurance costs tied to its Dogecoin treasury rollout.
The company has placed Dogecoin at the center of its financial strategy.
CleanCore closed a $175 million private placement to build its “official” Dogecoin Treasury, partnering with House of Doge, using Bitstamp by Robinhood as its trading venue.
The firm has accumulated over 733 million DOGE, worth about $117.5 million as of November 12.
It reiterated its long-term objective of acquiring 5% of Dogecoin’s circulating supply to expand the token’s real-world utility.
CEO Clayton Adams said the firm seeks to position Dogecoin as a “trusted reserve asset” and remains committed despite recent market volatility.
“Our financial results during the quarter reflect several one-time expenses related to our treasury strategy transaction, while our core business experienced growth and cash flow on a stand-alone basis,” Adams said.
But the timing has been ruthless. Dogecoin’s price has fallen over 21% in the past month, slipping below $0.17 as it tests a long-term support level that has held since late 2023.
Analysts warn that DOGE is showing a severe technical breakdown, with momentum turning bearish and key indicators weakening.
DOGE is currently trading near $0.163, down almost 7% in the last 24 hours.
A break below the multi-year support trend line could trigger a broader decline, potentially marking the end of the cycle that began in late 2023.
CleanCore’s largest DOGE purchases came at an average price above current levels.
Its first major acquisition on September 5 totaled 285.4 million DOGE at around $0.238 per token, followed by additional purchases that pushed its treasury above 700 million DOGE by mid-October.
The company briefly reported over $20 million in unrealized gains earlier in the quarter, but those have evaporated in the downturn.
NYSE American-listed CleanCore Solutions purchased an additional 100 million Dogecoin tokens, expanding its holdings past 600 million DOGE, targeting 1 billion within 30 days.#Doge #Treasuryhttps://t.co/3CvWd1MUJR
— Cryptonews.com (@cryptonews) September 16, 2025
The Dogecoin bet attracted more than 80 institutional investors, including Pantera, GSR, FalconX, and Borderless Capital.
CleanCore’s treasury plan also aligns with a broader wave of corporate participation in Dogecoin-related initiatives.
Among those developments, DogeHash Technologies is expanding its mining footprint after securing a $2.5 million loan from Thumzup Media to deploy more than 500 new ASIC miners, bringing its fleet to over 4,000 machines by year-end.
While these broader ecosystem moves have shown strong momentum, CleanCore’s stock has failed to benefit.
Despite being up more than 60% year-to-date, ZONE now trades far below the reported net asset value of its Dogecoin treasury.
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