In a head-turning move, House of Doge, the commercial branch of the Dogecoin Foundation, will merge with a publicly traded cleaning supplies company to create the first "official" Dogecoin treasury, Decrypt reported.
The labyrinthine transaction, which Elon Musk's attorney, Alex Spiro, has reportedly orchestrated, appeared aimed at getting the world's No. 1 meme coin a foothold in publicly traded markets.
"This is the first foundation-backed treasury strategy for Dogecoin, and it's designed to do more than just hold DOGE," Marco Margiotta, the CEO of House of Doge, told Decrypt. "The treasury will enable governance and institutional-grade reporting."
Margiotta also will serve as the new CIO of CleanCore Solutions, the publicly traded company previously known for its "patented Pure Aqueous Ozone technology," which "infuses cold tap water with ozone gas to create" the company's "Aqueous Ozone Solution," according to its website.
CleanCore has claimed that its cleaning solution works by harnessing the power of ozone-filled "nanobubbles," per its website.
The transaction begged the question of why a company known for its proprietary cleaning solution would become, at least in part, a meme-coin treasury.
"Innovation and disruption of the status quo is part of CleanCore's ethos," said Margiotta, per Decrypt. "House of Doge was exploring how to anchor Dogecoin in a public company vehicle that could set the standard for institutional credibility."
As part of the deal, CleanCore will receive a $175 million cash infusion via a so-called private investment in public entity, or PIPE.
According to Investopedia, a PIPE "involves accredited investors buying stock directly from a public company at a price below the current market value." Such transactions "are favored for their efficiency in raising capital quickly, bypassing many regulatory hurdles common with public offerings."
Margiotta viewed the transaction as expanding upon the potential uses of Dogecoin, including as a viable payment method.
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It is the future of currency 😎 "This foundation will help build trust with investors, Dogecoin holders, exchanges, and businesses who might integrate Dogecoin for payments and tokenization," he said, according to Decrypt.
As cryptocurrency advocates push for the expanded use of blockchain-based payment systems, it has cast a spotlight on the environmental impact and massive energy use of the crypto industry.
According to a 2024 report by the London School of Economics, a single bitcoin transaction is responsible for as much planet-heating pollution as driving a gas-powered car between 1,000 and 1,625 miles.
Further, the researchers found that bitcoin mining alone consumed 63 terawatt-hours of electricity every year, roughly the same as the entire country of Poland, which has 37.5 million people.
At the same time, however, cryptocurrencies have been used to fund green energy projects and ocean cleanups. Additionally, some experts believe that blockchain technology can be used to trade carbon credits for use in a pollution-limiting cap-and-trade system, according to Neironix, an analytical rating agency focused on crypto and blockchain.
One way to reduce the environmental impact of cryptocurrencies is to ensure that energy-intensive crypto mining operations use cleaner, renewable sources of energy rather than electricity generated by burning dirtier, nonrenewable fuels like coal and natural gas.
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