CleanCore Solutions, a New York Stock Exchange–listed company, has significantly expanded its cryptocurrency holdings, adding over 710 million Dogecoin (DOGE) to its corporate treasury as part of a long-term plan to accumulate 1 billion DOGE.

In a statement released on Tuesday, the company said its Dogecoin holdings now exceed 710 million tokens, representing roughly $173.9 million at current market prices. With Dogecoin trading at around $0.245,

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CleanCore reported more than $20 million in unrealized gains and confirmed it maintains ample cash reserves to continue buying DOGE — supported by a strategic partnership with Bitstamp by Robinhood.

“CleanCore’s Treasury includes total Dogecoin holdings of over 710 million, with sufficient liquidity to responsibly scale our position,” the company said, adding that its long-term objective is to expand its treasury “with transparency, resilience, and sustainable value creation.”

The firm raised $175 million in a private placement on Sept. 5 to fuel its acquisition program.

Balancing Treasury Growth with Market Stability

CleanCore emphasized that its strategy extends beyond merely stockpiling Dogecoin. The company aims to strengthen its market capitalization relative to net asset value (mNAV) — a key metric for crypto treasury firms — while maintaining sustainable growth and investor trust.

CEO Clayton Adams said the company’s Dogecoin strategy is “closely aligned with the long-term vision of insiders and the House of Doge,” adding that expanding DOGE’s utility and adoption is central to CleanCore’s thesis.

“Our approach prioritizes responsible treasury management and strategic scalability — not speculation,” Adams said.

CleanCore Solutions (ZONE) closed trading on Tuesday at $2.06, down 8.44%, before inching up 1.46% after-hours to $2.09.

Industry Skepticism Over mNAV

Not all market analysts view mNAV as a reliable indicator of health for crypto treasury firms. Greg Cipolaro, global head of research at NYDIG, argued last month that the metric fails to capture the operational diversity of companies that do more than accumulate digital assets.

He noted that mNAV also overlooks elements such as convertible debt and revenue-generating activities, meaning it may not fully reflect the financial stability or long-term outlook of such firms.

ZONE closed the trading day on Tuesday down 8.44%. Source: Google Finance

Smaller Firms Face Overexposure Risks

CleanCore’s aggressive Dogecoin strategy comes amid broader warnings of overexposure risks for smaller firms entering the crypto treasury market.

A report from Standard Chartered cautioned that firms heavily concentrated in digital assets could see their mNAVs collapse during market downturns. If these conditions persist, the bank predicts sector-wide consolidation, with larger players acquiring smaller, distressed competitors.

The development also follows the debut of the first Dogecoin-based exchange-traded fund (ETF) in the United States — the REX-Osprey DOGE ETF (DOJE) — which launched on Sept. 18 with $6 million in first-day trading volume.

Meanwhile, other public companies are also ramping up their crypto exposure. On Tuesday, Nasdaq-listed CEA Industries Inc. disclosed it holds 480,000 Binance Coin (BNB) tokens, purchased at an average price of $860 per token — a $412.8 million investment now valued at roughly $585.5 million.