BCGAME - Free 5BTC Daily Bonus!- Dogecoin gains official treasury with US$175 million investment
- Elon Musk's lawyer will chair the new DAT board
- Partnership involves more than 80 institutional and crypto investors
The House of Doge announced a partnership with CleanCore Solutions, listed on the New York Stock Exchange under the ticker ZONE, to create the official Dogecoin treasury, called Dogecoin Asset Treasury (DAT). The project is launching with a $175 million private offering to fund token purchases.
Elon Musk's personal attorney, Alex Shapiro, has been confirmed as Chairman of the Board of Directors of the new entity. The official statement reported that CleanCore structured the transaction through a private placement (PIPE), issuing 175.000.420 Pre-Funded Warrants at a price of $1 each.
The transaction involved the participation of more than 80 institutional investors and those linked to the cryptocurrency sector, including Pantera, GSR, FalconX, MOZAYYX, Borderless, Mythos, and Serrur & Co. LLC. The DAT will be managed in partnership with 21Shares, an ETF issuer, which will oversee part of the transaction.
According to Timothy Stebbing, director of the Dogecoin Foundation, the move represents a milestone for the currency.
"This new treasury vehicle is a key step toward the House of Doge and the Dogecoin Foundation's mission to foster institutional adoption of Dogecoin. By laying the foundation for institutional adoption through treasuries and ETFs with 21Shares, we are building underlying legitimacy as a serious currency that goes beyond Dogecoin's meme-inspired origins."
CleanCore, however, faced a strong market reaction following the announcement, with its shares falling to $2,90, a 58% drop.
The creation of DAT comes amid growing interest among public companies in building corporate treasuries with altcoins. In July, Bit Origin became the first publicly traded company to hold Dogecoin reserves, acquiring approximately 40,5 million tokens. Similar initiatives have also been structured with Solana, Toncoin, SUI, and the WLFI token.
Meanwhile, Grayscale is seeking to list an exchange-traded fund backed by Dogecoin, reinforcing the movement to institutionalize Elon Musk's favorite cryptocurrency, who has already declared that "fiat currency is hopeless" when defending the potential of cryptocurrencies.
