CleanCore Solutions has sold substantially all of its 463 million Dogecoin holdings for approximately $33.4 million on July 20, marking the end of its Dogecoin treasury strategy. According to reports from CryptoSlate, citing U.S. Securities and Exchange Commission filings, the company allocated these proceeds toward its AI infrastructure business. This sale follows earlier disposals, including approximately 200 million DOGE for $18.4 million and another 70 million tokens for $6.8 million in professional services by June 2, leaving CleanCore with 463.06 million DOGE valued at approximately $44.3 million at that time. The latest liquidation has reduced CleanCore's Dogecoin holdings to zero, representing the complete exit from its digital asset treasury strategy.
The liquidation reverses a strategy that began in September 2025 when CleanCore raised $175 million through private investment to make Dogecoin its primary treasury reserve asset. As reported by crypto.news, the financing attracted more than 80 investors, including Pantera, GSR and FalconX, while House of Doge and 21Shares advised the treasury program. CleanCore initially planned to accumulate 1 billion DOGE within 30 days and target holding as much as 5% of Dogecoin's circulating supply. However, by June 2026, the company had terminated its asset management agreement with Dogecoin Ventures and 21Shares and was managing remaining assets internally while exploring a sale of its cleaning business.
CleanCore's business transformation has been accompanied by significant changes to its capital structure. According to the company's August 20 SEC filing, a $100 million stock offering increased outstanding shares by approximately 121.9% to 502.1 million. The offering involved 275.83 million common shares priced at $0.25 each, plus 124.17 million pre-funded warrants and warrants covering up to 400 million shares at an exercise price of $0.25 over five years. If all warrants were exercised, the total share count could reach 1.026 billion shares, though this remains a conditional scenario subject to ownership limits and terms.
CleanCore's new capital is being directed toward an AI infrastructure business with substantial funding requirements. According to company disclosures, a July 23 agreement established a joint venture for an approximately 55-megawatt data center in Minnesota, including a baseline 40-megawatt compute deployment connected to a colocation agreement with Cerebras Systems. The 10-year Cerebras agreement carries an initial contract value of approximately $800 million, with two additional 10-year renewal options that could take potential contract value above $3 billion. Initial revenue is expected in the first quarter of 2027, with the Minnesota venture carrying an initial project budget of approximately $479 million.
The company's transformation reflects broader trends among digital asset treasury companies, with more than a dozen such companies moving toward AI and data center businesses as falling crypto prices reduced investor demand for the digital asset treasury model. According to crypto.news, CleanCore had reported $4.1 million in cash and cash equivalents and another $13 million in restricted cash on its March 31 balance sheet. The disclosures cited by CryptoSlate have not provided an updated cash balance incorporating the subsequent $33.4 million DOGE disposal and proceeds from the August equity offering, though the company indicated approximately $140 million of project equity had been funded or committed through the stock offering and completed Dogecoin sales.
