Why Did CleanCore Solutions' Stock Rise After Hours?

CleanCore Solutions (ZONE) stock jumped over 11% in extended trading on Thursday after the company boosted Dogecoin holdings to over 500 million.

The industrial cleaning product maker had first acquired 285.4 million Dogecoin earlier this week and set a target to boost its holdings to 1 billion Dogecoin within 30 days. It has set up the Dogecoin Treasury with House of Doge, the official corporate partner of the Dogecoin Foundation.

"Our vision is to establish Dogecoin as a premier reserve asset while supporting its broader utility across payments, tokenization, staking-like products, and global remittances," Marco Margiotta, the Chief Investment Officer of CleanCore, said in a statement.

"Crossing the 500 million DOGE threshold demonstrates the speed and scale at which ZONE is executing its treasury strategy," said Margiotta, who is also the CEO of House of Doge.

Retail sentiment on Stocktwits about CleanCore was in the ‘extremely bullish’ territory at the time of writing.

“The company's long-term objective remains to secure up to 5% of the circulating supply of Dogecoin, positioning ZONE as a leading digital asset treasury (DAT) and reinforcing its commitment to advancing Dogecoin's role in global finance,” CleanCore said in a statement.

The Omaha, Nebraska-based company has joined a growing number of businesses that are adding cryptocurrencies to their balance sheet, amid a price rally this year. This was pioneered by Michael Saylor’s Strategy, whose total Bitcoin holdings are currently valued at over $73.7 billion.

Dogecoin prices were up 5.6% at $0.26 at the time of writing. The token, which started out as a memecoin, has gained over 21% over the past week as a long-awaited Dogecoin ETF will likely begin trading on Friday.

Stocktwits users expressed their optimism around the launch of the ETF.

CleanCore stock has more than tripled this year.

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