CleanCore Solutions（NYSE: ZONE）是一間上市環保科技公司，短短一個多月內已於其企業庫房累積超過7.1億枚 Dogecoin (DOGE) ，未實現收益已經超過2,000萬美元，源自他們展開大膽加密貨幣收購策略以來的表現。
公司 公布 ，會繼續以完成今年初1.75億美元私人配售所得資金進行累積，目標是購入總共十億枚DOGE。這項企業庫房策略亦令CleanCore成為機構級最積極擁抱這種meme加密貨幣之一。
這次累積行動自2025年9月5日起分階段進行，背後有狗狗幣基金會直接支持——該基金會致力推動狗狗幣的改進與普及，而House of Doge作為基金會的企業聯繫部門也有協調參與。
這種機構支援使CleanCore的庫房策略有別於純粹炒賣加密貨幣，而是強調治理一致性、技術協作及生態系統整合，有望增強長遠策略價值，而不只靠幣價升值。
企業庫房戰術：效法MicroStrategy比特幣模式
CleanCore的狗狗幣庫房策略可媲美早前MicroStrategy開創的比特幣庫房做法——後者由一間默默無聞的商業情報公司，搖身一變，成為名副其實的比特幣投資載體。由比特幣擁躉Michael Saylor領導下，MicroStrategy自2020年8月以來積累超過25萬枚BTC，從根本上重塑自身商業定位及股價模式。
企業庫房加密貨幣模式建基於以下幾項策略假設：通脹與貨幣擴張正蠶食現金購買力；加密貨幣長線比現金或短債更具儲值功能；上市公司可比散戶更低成本融資；而加密貨幣庫存既可帶來價值升值，也具實際運作用途。
不同於業界慣例，CleanCore將此模式運用到狗狗幣身上，而非比特幣。比特幣故事聚焦於數碼稀缺、儲值屬性及「數碼黃金」地位，而狗狗幣由戲謔meme起家，每年通脹供應約50億枚。這根本性差異令人質疑，該企業庫房模式能否適用於經濟特性迥異的資產。
行政總裁Adams策略願景：以實用性帶動普及
CleanCore行政總裁Clayton Adams闡述，公司庫房策略着重以擴展實用性，而非單靠投機。他於星期二公告表示：「我們的庫房策略緊貼內部人及House of Doge的長遠願景，強調擴大實用性作為推動全球數碼資產DOGE普及及持續需求的催化劑。」
這種定位顯示，CleanCore視其幣庫為發展生態圈策略的一環，而不是純被動投資。「擴展實用性」意味未來可能推動狗狗幣於支付系統、商業應用整合，或基礎設施建設等多元化發展，令加密貨幣擺脫純炒賣定位。
與狗狗幣基金會目標一致：狗狗幣基金會於2021年復辦後，推動狗狗幣用於支付、小費、優化協議技術基礎及支持社群發展。House of Doge則充當商業導入的橋樑，協助企業將狗狗幣整合至商用場景。
CleanCore與這些組織合作，顯示公司會以大量幣庫作為配合生態圈大方向的策略工具，參與治理討論、資助開發計劃、或在自身業務及客戶互動中使用DOGE等，皆有其潛在角色。
1.75億美元私募：推動策略的資金來源
CleanCore的狗狗幣購買計劃全賴早前1.75億美元私募所得——對一間低調公司來說屬巨額集資。私募讓公司毋須像公募那樣大幅披露及接受嚴格監管，籌資過程更快捷靈活。
關於CleanCore私募的投資者身份、所發股份類型（普通股、優先股或可換股工具）、價格及任何附隨權益細節等，暫未在公開文件全數披露。不過，有實力投資者願為一個進取的狗狗幣庫房策略投入1.75億，足見他們對該虛幣升值潛力、公司本業前景或二者戰略協同具有信心。
分階段吸納策略：自9月5日起，CleanCore採分批購幣而非一注買齊，此舉有多項好處：可拉低平均買入價以適應不同市況；減少對市場價格推高效應；策略可因應市況靈活調節；亦見其資本運用具紀律感而非一鋪梭哈。
一個月內吸納逾7.1億枚DOGE，等同每日平均購買約2,300萬至2,400萬枚；以現價約計，每日花費約500至600萬美元。如此吸納速度，給狗狗幣市場帶來可觀需求壓力，也為CleanCore帶來幣價上升下的帳面收益。
未實現收益分析：一個月內賺兩千萬美元
CleanCore披露，其未實現收益超2,000萬美元，顯示累積量與買幣時機雙雙理想。7.1億枚DOGE產生2,000萬美元帳面利潤，平均每枚未實現賺0.028美元，即平均入場價約0.223美元，現價則在0.251美元附近。
過去一月，該批資產升值超過12.5%，這在短線相當可觀。不過，未實現收益屬紙上富貴，一旦減倉變現或遭遇市況倒退便可能大幅回吐。再者，CleanCore持有7.1億枚，佔狗狗幣流通量約0.5%，若公司日後減持，單憑其沽壓已夠影響市場流動性及價格。
市場背景：近月來狗狗幣表現反覆，受整體加密貨市場走勢、社交媒體氣氛，以及Elon Musk等名人推文等影響。例如公司宣布消息日（周二）DOGE即時急跌5.8%，反映meme幣市場波動依然誇張。
儘管單日挫跌，狗狗幣中長期仍然錄得顯著回升，得益於加密貨市場回暖、支付採納增加，以及提出減費措施和基建進步等技術發展。CleanCore即使於近期才入場，也因進場時機有利，錄得豐厚帳面收益。
企業策略疑問：為何選擇狗狗幣？
CleanCore重倉狗狗幣，而非比特幣、以太坊或其他傳統主流加密貨幣，其策略思路值得探討：
估值及升幅潛力：狗狗幣現價約0.25美元一枚，較比特幣約12.6萬美元一枚更具升幅空間。雖然市值才作相對估值更合理，但較低的名義價格對零售投資者更吸引。
交易實用性：狗狗幣單價低、交易確認較快、手續費低，更適合日常小額支付。與比特幣比較，後者因為手續費與確認時間等因素，較難用於小額消費。若CleanCore有志令加密貨融入本業或客戶互動場景，DOGE在支付便捷性或有優勢。
社群凝聚力與品牌：狗狗幣擁有其中一個最活躍的加密貨社群，品牌力甚至超越純加密圈層，大眾認知度高。這種主流形象… could facilitate adoption initiatives and marketing programs leveraging the currency's approachable, friendly image.
能促進應用推廣和市場推廣活動，善用該加密貨幣親切、平易近人的形象。
Partnership Opportunities: The backing of the Dogecoin Foundation and House of Doge provides strategic partnership benefits potentially unavailable with more decentralized cryptocurrencies lacking organized institutional support structures.
夥伴合作機會：狗狗幣基金會（Dogecoin Foundation）同 House of Doge 嘅支持，為品牌帶來戰略性夥伴合作機會，而呢啲未必係啲缺乏組織性機構支持、更去中心化嘅加密貨幣可以享有。
Speculative Beta: Dogecoin historically exhibits high volatility and outsized percentage moves during cryptocurrency bull markets, offering leveraged exposure to broader crypto market trends. If CleanCore's strategy assumes continued bull market conditions, Dogecoin's volatility characteristics could generate outsized returns compared to more stable assets.
投機性 Beta：狗狗幣一向喺加密貨幣牛市時表現出極高波動性，同時錄得大幅度升幅，為投資者提供槓桿式嘅市場趨勢曝光。如果 CleanCore 嘅策略假設牛市延續，狗狗幣嘅波動性有機會帶嚟比穩定資產高得多嘅回報。
Stock Market Reaction and Investor Considerations
股市反應同投資者考慮
CleanCore shares (ZONE) traded marginally lower on Tuesday despite the announcement of substantial treasury gains, suggesting that equity investors may be discounting the unrealized cryptocurrency profits or expressing concern about the strategy's risks and its relationship to CleanCore's core environmental technology business.
CleanCore（股票代號：ZONE）星期二股價輕微下跌，即使公司宣佈國庫錄得可觀增益，反映股權投資者可能已經將未變現加密貨幣利潤打咗折，或者對策略風險及其與 CleanCore 核心環保科技業務之關聯表示憂慮。
Business Model Questions: CleanCore Solutions' primary business involves environmental technology and cleaning solutions - sectors with no obvious connection to cryptocurrency treasury management. Investors must evaluate whether management's focus on building a billion-token Dogecoin position represents appropriate capital allocation or a distraction from core operations that creates unnecessary volatility and risk.
業務模式疑問：CleanCore Solutions 主要經營環保科技同清潔方案，與加密貨幣國庫管理並無明顯關係。投資者需考慮管理層將資本投放去建立十億枚狗狗幣持倉，係屬於合理資金配置，定係會令核心業務分心，增加不必要波動及風險。
Volatility Implications: Companies holding substantial cryptocurrency treasuries typically experience increased stock price volatility correlated with cryptocurrency price movements. This volatility may prove undesirable for investors seeking exposure to CleanCore's operational business without cryptocurrency speculation overlay.
波動性影響：持有大量加密貨幣國庫資產嘅公司，股價通常與加密貨幣價格高度相關，波動增加。對於希望單純參與 CleanCore 營運業務、唔想涉獵加密貨幣投機元素嘅投資者，呢種波動性可能未必理想。
Dilution Concerns: The $175 million private placement likely involved issuing new equity or equity-linked securities, potentially diluting existing shareholders. Investors must assess whether the cryptocurrency gains justify any dilution that occurred through the capital raise.
攤薄疑慮：1.75 億美元的私募融資很大機會涉及發行新股或與股權掛鉤嘅證券，導致現有股東權益攤薄。投資者要判斷加密貨幣錄得的利潤是否足以抵消今次增資帶嚟嘅攤薄效應。
The Path to 1 Billion DOGE: Remaining Accumulation
邁向十億 DOGE：剩餘吸納之路
With 710 million tokens acquired toward a stated 1 billion goal, CleanCore must purchase approximately 290 million additional DOGE to complete its accumulation target. At current prices near $0.25, this represents roughly $72.5 million in additional purchases - capital presumably available from remaining private placement proceeds.
CleanCore 已經買入咗 7.1 億枚狗狗幣，距離十億目標仲有大約 2.9 億枚要吸納。以現時大約 0.25 美元價位計，仲需額外用上約 7,250 萬美元，估計資金主要來自此前私募剩下的款項。
The pace and market impact of this continued accumulation will influence both Dogecoin prices and CleanCore's ultimate cost basis. If the company maintains its current acquisition rate of 23-24 million DOGE daily, reaching the 1 billion milestone would require approximately 12-13 additional days of purchases. However, the company may adjust this timeline based on market conditions, price movements, or strategic considerations.
未來吸納速度同對市場的影響，會左右狗狗幣價格以及 CleanCore 最終成本。如果公司保持每日 2,300 萬至 2,400 萬 DOGE 嘅採購速度，達標還需大約 12-13 日。不過，管理層亦可能因應市況、價格變動或其他策略性考量而作出調整。
Market Impact Considerations: Sustained buy-side pressure from CleanCore's accumulation has likely contributed to recent Dogecoin price strength, creating a potential feedback loop where the company's purchases drive prices higher, which in turn increases the cost of completing the billion-token goal. Once accumulation concludes, the removal of this consistent demand source could negatively impact prices unless offset by other factors.
市場影響因素：CleanCore 持續吸納帶來買盤壓力，估計係推高狗狗幣近日價格的主因，有機會出現「正反饋循環」——公司越買，幣價越升，公司買到目標時，入貨成本亦自然水漲船高。如積累行動結束，持續需求消失，除非有其他因素補足，否則價格可能受壓。
Regulatory and Disclosure Implications
監管及披露層面
As a NYSE-listed public company, CleanCore faces disclosure obligations regarding material developments and financial condition. The company's cryptocurrency treasury strategy raises several regulatory considerations:
作為紐約證券交易所上市公司，CleanCore 對重大事項及財務狀況有公開披露責任。而公司採取加密貨幣國庫策略亦帶來一系列監管關注：
Fair Value Accounting: Under current accounting standards, cryptocurrency holdings are treated as indefinite-lived intangible assets measured at cost with impairment testing for declines in value. Unlike securities, cryptocurrency gains are not recognized until realized through sales, meaning CleanCore's $20 million in unrealized gains do not flow through income statements. However, any declines in value below cost basis would require impairment charges reducing reported earnings.
公平價值會計：依照現行會計準則，加密貨幣按無限期無形資產處理，以成本入賬，如價值下跌就必須減值。與證券不同，加密貨幣賬面升值未在帳面收益反映，只有出售才實現利潤。CleanCore 目前約 2,000 萬美元未變現盈利並不計入損益表，但一旦賬面價值低於成本則需撇帳，影響列報盈利。
Disclosure Requirements: Material cryptocurrency holdings and treasury strategies require disclosure in SEC filings, including risk factors, accounting policies, and potential impacts on financial condition and results. CleanCore's prominent cryptocurrency position will receive scrutiny from analysts and investors evaluating the company.
披露要求：攸關重大的加密貨幣持倉、國庫策略，都要喺 SEC 報告裡披露，包括相關風險、會計政策、及對財務狀況和業績的潛在影響。CleanCore 高調持有加密資產，必然會成為分析師及投資者審視公司的一大焦點。
Fiduciary Considerations: Corporate directors have fiduciary duties to shareholders, requiring that significant strategic decisions like cryptocurrency treasury adoption be made with proper diligence, board oversight, and shareholder interest considerations. CleanCore's board presumably evaluated these factors when approving the Dogecoin strategy, but shareholders may question whether such an unconventional approach serves their interests.
信託責任考慮：公司董事對股東有信託責任，任何重要策略決策（例如採用加密貨幣作國庫）都必須審慎行事，董事會監察，以及兼顧股東利益。CleanCore 董事會批准狗狗幣策略時，想必已經考慮相關因素；不過，股東未必一致認同咁「標奇立異」的路線真係符合自身利益。
Final thoughts
最後想法
CleanCore Solutions' accumulation of over 710 million Dogecoin tokens represents one of the most aggressive corporate cryptocurrency treasury strategies announced to date - and certainly the largest institutional Dogecoin position disclosed by a public company.
CleanCore Solutions 持有超過 7.1 億枚狗狗幣，堪稱目前最進取的企業級加密貨幣國庫策略之一，而且絕對係上市公司中已公開披露的最大規模狗狗幣持倉。
Whether this bold experiment ultimately creates shareholder value or proves a cautionary tale about mixing operational businesses with cryptocurrency speculation will depend on Dogecoin's long-term trajectory, CleanCore's ability to execute utility-expanding initiatives, and management's discipline in managing a highly volatile asset that now represents a substantial portion of corporate value.
呢個大膽嘗試最終能否為股東創造價值，抑或會淪為業務經營混合加密貨幣投機惹禍之負面教材，將取決於狗狗幣長遠走勢、CleanCore 能否成功推動相關應用，以及管理團隊對這個極高風險資產——現已佔公司價值重要比例——的自律與管理能力。
For now, more than $20 million in unrealized gains validate the strategy's initial execution, but the true test lies ahead as CleanCore completes its accumulation, integrates its holdings into broader business strategy, and navigates the inevitable volatility that characterizes cryptocurrency markets.
目前看來，超過 2,000 萬美元未變現收益為策略初步落實提供肯定，但真正考驗在前頭——CleanCore 尚需完成持倉積累，把所持資產融入整體業務策略，同時要應對加密貨幣市場必然出現的劇烈波動。
The crypto industry will be watching closely to see whether CleanCore's Dogecoin treasury becomes a model for corporate adoption or a unique experiment that others choose not to replicate.
加密貨幣業界亦會密切留意，究竟 CleanCore 的狗狗幣國庫會否成為企業應用的新典範，抑或最終只是旁人不欲仿效的獨特實驗。