Dogecoin Foundation's new corporate arm launches DOGE reserve with 10 million token purchase

The Dogecoin Foundation, through its new corporate arm, has established an "Official Dogecoin Reserve" with an initial purchase of 10 million DOGE, or about $1.8 million at market prices.

This initiative is part of the foundation’s partnership with House of Doge, a newly formed entity that became its official commercialization partner under a five-year agreement in February. House of Doge said the reserve serves as a proof of concept to demonstrate Dogecoin’s viability for seamless, efficient transactions.

"The launch of the Dogecoin Reserve is a major step in House of Doge’s vision to make Dogecoin a fast and reliable payment option for businesses and shoppers everywhere," according to the press release . "With innovative technology, merchants will be able to accept Dogecoin payments instantly at checkout, avoiding the usual wait times tied to blockchain transactions, yielding the same confidence in Dogecoin as with traditional payment methods."

According to Monday's release, House of Doge will announce its first strategic partnerships "in the coming months" to showcase Dogecoin’s real-world utility as a global payments solution. The Block reached out to representatives from House of Doge but did not hear back at publication time.

"We spoke with people from the US Government who were excited about seeing Dogecoin adopted as a means of payment for everything from city parking to utility payments," Dogecoin Foundation director Timothy Stebbing wrote in a Feb. 21 post on X. He said the two entities plan to collaborate with "large scale" sporting events on a series of initiatives aimed at promoting Dogecoin adoption, which will focus on educating attendees about self-custodial Dogecoin wallets.

The establishment of the Elon Musk-led Department of Government Efficiency gave the Shiba Inu-inspired token a boost after November’s presidential election victory for Donald Trump. However, the enthusiasm has tapered off, with the price of dogecoin falling about 40% over the past four months. Of note, China-based Intchains Group saw a surge in demand for its Dogecoin mining products following the U.S. elections, initially struggling to fulfill orders due to underestimating market demand.

Dogecoin traded higher by 10% over the past 24 hours to around $0.19 at publication time, according to The Block's DOGE price data . At $27 billion, it is one of the top 10 largest cryptocurrencies by market cap.

At least three Dogecoin-related exchange-traded fund filings are awaiting examination from the U.S. Securities and Exchange Commission. Last month, Bloomberg analysts estimated that DOGE ETFs have a 75% chance of approval by the end of the year.

Via a reverse takeover agreement, Atmofizer Technologies, which traded in Canada under the ticker ATMO, entered into a business combination agreement on March 3 with House of Doge. Pending shareholder and regulatory approvals, the deal is expected to close in the second quarter of 2025.