CleanCore Solutions, a company listed on the NYSE, has increased its Dogecoin holdings to over 710 million, moving closer to its goal of 1 billion Dogecoin.
“The Treasury of CleanCore now consists of total Dogecoin holdings exceeding 710 million, with unrealized gains surpassing $20 million. We also have adequate cash to continue our Dogecoin acquisitions, bolstered by our partnership with Bitstamp through Robinhood,” CleanCore Solutions stated in a release on Tuesday.
The current trading price of Dogecoin (DOGE) stands at 24.5 cents, putting the company’s Dogecoin holdings at an estimated value of $173.92 million, according to CoinMarketCap. CleanCore has reported raising roughly $175 million before expenses through a private placement completed on September 5.
CleanCore expresses concerns regarding mNAV
The company emphasized its strategy comprises more than merely accumulating DOGE, as it aims to meticulously enhance its treasury to support long-term market capitalization relative to net asset value (mNAV), while focusing on building shareholder value and scaling sustainably and transparently.
Clayton Adams, CEO of CleanCore, mentioned that its strategy “aligns closely with the long-term vision of insiders and the House of Doge, which highlights expanding utility as a key factor for enhanced adoption and sustained demand for Dogecoin as a global digital asset.”
CleanCore Solutions Inc (ZONE) closed trading on Tuesday with a decrease of 8.44% at $2.06, experiencing a slight 1.46% rise in after-hours trading to $2.09.
Not every expert in the sector views mNAV as a significant measure for crypto treasury firms.
Greg Cipolaro, global head of research at NYDIG, remarked last month that this metric fails to consider companies with operations that extend beyond merely buying and holding substantial crypto assets, and it does not reflect a company’s convertible debt accurately.
Small firms face risks of overexposure
This caution follows Standard Chartered’s warning that smaller companies are experiencing increasing risks of overexposure, as more crypto treasuries see declines in their mNAVs.
If mNAVs continue to be under pressure, Standard Chartered anticipates consolidation in the sector, with larger firms potentially acquiring weaker competitors.
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This comes shortly after the introduction of the first Dogecoin-based exchange-traded fund in the United States — the REX-Osprey DOGE ETF (DOJE) — which launched on September 18 with $6 million in trading volume on its first day.
On Tuesday, Nasdaq-listed CEA Industries Inc. announced holding 480,000 BNB tokens, purchased at an average price of $860 per token. This investment totaled around $412.8 million, and the current value of the holdings is approximately $585.5 million.
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