Company Transformation in the Mist of Virtual Money

Recently, a wave of establishing cryptocurrency reserves has swept across publicly listed companies worldwide. In Mesquite, located in the northeastern part of Nevada, a company named Dogecoin Cash Inc. announced the upcoming establishment of a subsidiary and allocation of DOGE assets. However, this company previously mainly engaged in online cannabis services and had created a subsidiary to purchase a large amount of a token named "Dogecoin Cash." Data shows that the liquidity of this token is less than 4000 USD, and there are risk hazards.

From Cannabis to Digital Currency: A Controversial Transformation

Dogecoin Cash Inc. was originally a company focused on the medical cannabis industry, gradually building a dual business layout of "cannabis + crypto." The company initially focused on providing remote medical cannabis services, and its PrestoDoctor platform has provided online consultations and cannabis recommendations for patients in multiple states, holding several patents for cannabis strains and applications.

In November 2024, the company officially changed its name to Dogecoin Cash Inc. and entered the crypto asset field by establishing multiple subsidiaries. On June 13, 2025, the company announced the completion of the acquisition of 420 million DOG coins, increasing its total holdings of DOG coins to 2 billion. This acquisition also included the domain AltcoinMarketCap.com, and the company plans to develop it into a community-driven altcoin index platform, integrating it into a broader ecosystem.

It is worth noting that the DOG acquired by Dogecoin Cash Inc. is a cryptocurrency deployed on the BSC chain, rather than the real DOGE coin. According to on-chain data, the company's wallet has accumulated 3 billion DOG. The company's CEO David Tobias stated that this acquisition is an important step in expanding the digital asset portfolio and further strengthens the company's layout in the crypto ecosystem.

On July 1, 2025, the company established a wholly-owned subsidiary, Dogecoin Treasury Inc., which primarily focuses on supporting development projects related to Dogecoin, assisting in the management of digital assets held or acquired by the company (including DOGE), and serving as a platform for protocol asset ownership and long-term planning. A company spokesperson stated that this provides a dedicated framework for technical work and business objectives, helping to orderly advance the development and implementation of internal tools, including the Dogecoin protocol.

The stock price and the token price both fell.

The stock price of Dogecoin Cash Inc. recently entered a consolidation range. As of the close of the U.S. stock market on July 1, 2025, DOGP closed at $0.0289, with a daily decline of 1.03%, continuing the slight adjustment trend of nearly a week. Since hitting a 52-week low of $0.0028 in September 2024, DOGP has accumulated an increase of more than 900% at one point, reaching an annual high of $0.1662 in December 2024. However, entering the second quarter of 2025, the stock has significantly retreated, with the current price down more than 80% from its peak.

At the same time, the price of the company's on-chain token DOG has also experienced a significant decline, dropping over 80% from its peak. This simultaneous drop in both stock price and token price has raised doubts in the market regarding the company's strategy.

Executive-led equity structure

According to publicly disclosed data, Dogecoin Cash Inc. presents a management-dominated equity structure. The majority of the company's shares are held by board members and executives, with low participation from institutional investors, while public shareholders hold the remaining majority of the circulating shares.

CEO David Tobias is the largest single shareholder, holding approximately 31.2 million shares, accounting for about 22.8% of the company's total equity. Other directors and executives also hold varying percentages of shares, with the board and executive team collectively controlling over 40% of the shares, demonstrating a strong internal control characteristic.

The holding ratio of institutional investors is very low, with only a few small institutions disclosing their holdings of the company's stock. This indicates that mainstream institutions have not shown significant investment interest in Dogecoin Cash. Aside from internal executives and a small number of institutions, approximately 55% to 60% of the shares are held by retail investors, constituting the main source of circulating shares in the market.

This equity structure ensures a certain degree of consistency in strategic execution, but it also means that external investors have relatively limited influence in corporate governance. As the company transitions into the cryptocurrency sector, it remains to be seen whether this highly concentrated equity structure can adapt to the new business model and market environment.