CleanCore Solutions and House of Doge launch 'official' Dogecoin treasury with $175 million offering

House of Doge Inc. said Tuesday it has partnered with CleanCore Solutions to form the "official" Dogecoin digital asset treasury. The DAT is launching with a $175 million private placement offering.

Elon Musk’s personal lawyer, Alex Shapiro, will act as Chairman of the Board of Directors at the new DAT, according to a statement.

"To establish the treasury ... CleanCore has entered into securities purchase agreements for a private investment in public equity (PIPE) for the offer and sale of 175,000,420 warrants at a price of $1.00 per warrant," the statement said. "The transaction consisted of a group of over 80 marquee institutional and crypto native investors including, but not limited to, MOZAYYX, Pantera, GSR, FalconX, Borderless, Mythos and Serrur & Co. LLC."

CleanCore is listed on the New York Stock Exchange under the ticker ZONE. House of Doge, which is billed as "the official corporate arm of the Dogecoin Foundation," will work with ETF issuer 21Shares to oversee the new DAT's operations.

"This new treasury vehicle is a fundamental step toward the House of Doge and Dogecoin Foundation's mission to bring institutional adoption to Dogecoin," Dogecoin Foundation Director Timothy Stebbing said. "By laying the groundwork for institutions through treasury and ETFs with 21Shares we are building underlying legitimacy as a serious currency beyond Dogecoin's meme-inspired origins."

ZONE's shares had fallen to $2.90 as of 9:56 a.m., a 58% decline, according to Yahoo Finance .

Fortune first reported last week the possibility of Musk's lawyer chairing the Dogecoin DAT.

Bit Origin (ticker: BTOG) announced in July the initial purchase of approximately  40.5 million DOGE tokens, becoming the first public company to establish a corporate treasury holding the Shibu Inu-based memecoin.

Altcoin digital asset treasuries

The creation of altcoin-based DATs has been making headlines in recent weeks as prominent supporters and holders of certain tokens have joined forces to transform several publicly-listed companies into firms committed to purchasing tokens like Solana, SUI, Toncoin, and World Liberty Financial's WLFI governance token.

Grayscale is currently trying to list and trade an  exchange-traded fund  that tracks Dogecoin.

Musk, Dogecoin's highest-profile fan, has previously said that "fiat is hopeless" when the billionaire was asked if his proposed political party would embrace bitcoin.