The purchase of a large amount of alts by a listed company has sparked controversy

Recently, a listed company named Dogecoin Cash Inc. has attracted market attention. The company originally focused on online cannabis services but has recently announced plans to establish a subsidiary and allocate cryptocurrency assets. However, the company did not actually purchase the widely known Dogecoin ( DOGE ), but rather a token named "Dogecoin Cash" ( DOG ). According to a data platform, this token has extremely low liquidity, at about 4000 USD, and may carry risks.

Dogecoin Cash Inc. was once a company focused on remote medical cannabis services. In November 2024, the company rebranded and began venturing into the cryptocurrency space. In early 2025, the company established a wholly-owned subsidiary, MEME Coins Inc., which is primarily responsible for holding and managing DOG tokens. According to on-chain data, the company's wallet has accumulated a total of 3 billion DOG.

On June 13, the company announced the completion of the acquisition of 420 million DOG, increasing its total holdings of DOG tokens to 2 billion. The acquisition also includes a domain name, and the company plans to develop it into an alts index platform. Company CEO David Tobias stated that this acquisition is an important step for the company to expand its digital asset portfolio.

On July 1, the company established a subsidiary called Dogecoin Treasury Inc., claiming to focus on supporting development projects related to Dogecoin. However, there is currently no clear evidence that the company holds real DOGE assets.

It is worth noting that the stock price of Dogecoin Cash Inc. and the price of the DOG coin it holds have both dropped significantly. As of July 1, the company’s stock price closed at $0.0289, down more than 80% from its high earlier in the year. At the same time, the price of the DOG coin has also fallen by more than 80% from its peak.

The company's equity structure shows that executives and board members hold the majority of the shares, with low participation from institutional investors. CEO David Tobias is the largest shareholder, with a shareholding ratio of approximately 22.8%. The entire management team collectively controls over 40% of the shares.

This series of actions has raised questions in the market about the company's strategy. Some analysts believe that the company may be trying to leverage the cryptocurrency craze to boost its stock price, but the actual operations seem to lack professionalism. Purchasing alts with extremely low liquidity, rather than more widely recognized mainstream coins, poses significant risks.

For investors, this case serves as a reminder to exercise extra caution when investing in crypto-related assets, especially for some emerging and illiquid tokens. At the same time, we should be vigilant about certain companies potentially using market trends for speculation. It is crucial to conduct in-depth research on a company's fundamentals and development strategy before making investment decisions.