Nebraska-based CleanCore Solutions, a manufacturer of aqueous ozone cleaning systems, has revealed plans to pivot to becoming a Dogecoin reserve company, resulting in a steep decline in its stock price.
Crypto Shift
CleanCore has confirmed it raised $175 million in private funding from over 80 backers, including Pantera Capital and GSR. The funds will be primarily directed towards acquiring Dogecoin (DOGE) as the company's main reserve asset.
Leadership from Dogecoin Community
The reshuffle of the company's board includes insiders from the Dogecoin community, such as Timothy Stebbing from the Dogecoin Foundation and Marco Margiotta from House of Doge, who has been appointed Chief Investment Officer.
Market Reaction
The market's response was swift: CleanCore's stock plunged more than 60% within the day, dropping from $6.86 to $2.69. Meanwhile, DOGE's value remained stable at around $0.21.
CleanCore's pivot to a Dogecoin reserve strategy has led to significant investor losses, raising questions about the viability of such an approach in the long term.
