[DigitalToday reporter Jinju Hong (홍진주)] CleanCore Solutions·ZONE has dropped its Dogecoin holding strategy and shifted its business focus to investment in AI data centres.

On Aug. 24 (local time), blockchain outlet U.Today reported that CleanCore sold all 463 million Dogecoin on July 20 to secure $33.4 million. It also wound down its existing ozone-based cleaning products manufacturing business.

The shift centres on ending its cryptocurrency treasury strategy and expanding AI infrastructure. To secure additional funds, CleanCore raised $100 million through common stock and warrant offerings via CurveChur Securities and Cantor Fitzgerald. In the process, the number of shares outstanding increased to 502.1 million shares, sharply diluting existing shareholders.

The funds raised will be used to build new data centres. CleanCore presented a 200-megawatt data centre in West Texas and a 40-megawatt Tier 3 data centre in Minnesota as its core businesses. The West Texas project aims to complete financing by the first quarter of 2027.

The Minnesota business will be pursued in the form of a joint venture. CleanCore plans to hold a 21 percent stake in the entity and also signed a 10-year long-term colocation agreement with Cerebras Systems, mentioned as a competitor to Nvidia's AI chips. The company decided to invest up to $500 million into the project in phases.

Financial control problems also emerged during the business shift. CleanCore said it found that its accounting department omitted a non-cash transfer of 70 million Dogecoin carried out at the time an asset management contract ended, during the process of revising its first-quarter 2026 financial statements. Company management officially acknowledged the issue as a "material weakness in internal controls".

The share price trend has already worsened. ZONE shares hit a new all-time low at $0.1513. The decline continued from before the official announcement, and the share price fell below the volume profile baseline of $0.3368 and net tangible asset value of $0.252. A market capitalisation of $79.6 million held by non-affiliated shareholders became the threshold to avoid microcap issuer restrictions under U.S. Securities and Exchange Commission (SEC) rules, but it did not prevent the share price fall.

The cryptocurrency market reaction was limited. Dogecoin held key support levels despite the large-scale selling and moved around $0.0917 at the time of writing. Unlike CleanCore's sharp share price drop, Dogecoin's price followed a separate trajectory.

CleanCore is also maintaining its policy of not paying dividends. With construction risks inherent to data centre development and discretionary execution of large funds raised, the market is watching whether the company's AI shift will translate into actual performance.