In recent days, a wave of publicly traded companies establishing cryptocurrency reserves has swept the globe. In the small city of Mesquite in the northeast of Nevada, USA, a publicly traded company, Dogecoin Cash Inc., announced plans to establish a subsidiary and allocate DOGE assets. However, prior to this, the company primarily focused on providing online cannabis services, during which it created a subsidiary to purchase a large amount of a token named "Dogecoin Cash." GMGN data shows that the token had liquidity of less than $4,000 and that "the token may be a rug pull."

Data Source: GMGN

DOGE or DOG?

Dogecoin Cash Inc. is a publicly traded company that transitioned from the medical cannabis industry and is gradually building a dual business layout of "cannabis + crypto." The company initially focused on providing remote medical cannabis services, and its platform, PrestoDoctor, once provided online consultations and cannabis recommendations to patients in multiple states, holding various cannabis strain and application patents.

In November 2024, the company officially changed its name from "Cannabis Sativa, Inc." to "Dogecoin Cash Inc." and ventured into the crypto asset field by establishing multiple subsidiaries.

On June 13, 2025, Dogecoin Cash, Inc. announced the completion of the previously disclosed acquisition of 4.2 billion DOG, increasing the company's total DOG token holdings to 20 billion. This acquisition also included the domain name AltcoinMarketCap.com. The company plans to develop the website into a community-driven altcoin index platform, integrated into a broader DOGP ecosystem. The platform will focus on showcasing popular, meme culture-centered, and community-supported digital assets, aligning with DOGP's mission to drive decentralized crypto culture.

In early 2025, Dogecoin Cash Inc. established a wholly-owned subsidiary, MEME Coins Inc., mainly responsible for holding and managing DOG. DOG is a meme coin deployed on the BSC chain, not the actual DOGE meme coin. According to on-chain data, the company's wallet has accumulated 3 billion DOG.

MEME Coins Inc. is DCI's first subsidiary to enter the crypto asset space, focusing on a meme coin (DOG) strategy. On March 24, MEME Coins Inc. reached an agreement with Tipestry Inc. and successfully acquired 10 billion Dogecoin Cash (DOG) tokens. On June 25, an SEC filing revealed that MEME Coins Inc. issued 250,000 shares of preferred stock to Tipestry, with a face value of $20 per share, in exchange for full control and ownership of these tokens. Tipestry will transfer the tokens to a dedicated wallet and hand over all access rights to MEME Coins Inc. for safekeeping.

Data Source: SEC

Company CEO David Tobias stated that this acquisition is a significant step in expanding Dogecoin Cash's digital asset portfolio and further solidifies the company's position in the crypto ecosystem.

On July 1, 2025, the newly established wholly-owned subsidiary Dogecoin Treasury Inc. will focus on supporting the company's Dogecoin-related development projects, help manage the company's holdings or acquisitions of digital assets (including DOGE), and serve as a platform for protocol asset ownership and long-term planning. A Dogecoin Cash Inc. spokesperson stated that DTI provides a specific framework for the company's technical work and business objectives, aiding in the orderly advancement of internal tool development and implementation, including the Dogecoin protocol.

So far, the company has acquired over 4 billion DOG tokens, and this transaction will not dilute existing shareholders' equity, nor will it impact the capital structure. However, there is currently no clear documentation showing that the company holds DOGE-related assets.

Coin and Stock Plummet, Is This a Rug Pull?

Dogecoin Cash Inc.'s stock price has recently entered a consolidation phase. As of the US stock market close on July 1, 2025, DOGP closed at $0.0289, with a daily decrease of 1.03%, continuing a slight correction trend seen over the past week. Since hitting a 52-week low of $0.0028 in September 2024, DOGP has surged over 900% at one point, reaching a yearly high of $0.1662 in December 2024. However, in the second quarter of 2025, the stock has seen a notable decline, with the current price retracing over 80% from its high.

Data Source: TradingView

As of now, the company's on-chain token DOG has dropped over 80% from its peak price.

Data Source: Dexscreener

According to publicly disclosed data, Dogecoin Cash Inc. exhibits an executive-dominated ownership structure. The company's main shares are held by board members and executives, with low institutional investor participation, and the majority of the outstanding shares are held by public shareholders.

Data Source: simplywall

CEO David Tobias is the largest single shareholder, holding approximately 31.2 million shares, representing about 22.8% of the company's total shares outstanding. Apart from him, Director Kyle Powers, CFO Carolyn Merrill, Director Catherine Carroll, Robert Tankson, and Trevor Reed hold varying amounts of shares from 1.6% to 5.1% of the company's total shares outstanding.

The company's board of directors and executive team collectively control over 40% of the shares, demonstrating a strong internal control characteristic. This structure to some extent ensures consistency in strategic execution but also indicates that external investors have relatively limited influence on corporate governance.

The proportion of institutional investors is very low. Currently, only a few small institutions have disclosed holdings in the company. For example, Advisors Management Group, Inc. holds 42,700 shares, representing approximately 0.03% of the total shares outstanding; Winch Advisory Services LLC holds only 93 shares, accounting for less than 0.001%. This indicates that mainstream institutions have not yet shown significant investment interest in Dogecoin Cash.

Other than internal executives and a small number of institutions, approximately 55% to 60% of the shares are held by retail investors. This portion constitutes a significant source of circulating shares in the market.

Welcome to join the official BlockBeats community:

Telegram Subscription Group: https://t.me/theblockbeats

Telegram Discussion Group: https://t.me/BlockBeats_App

Official Twitter Account: https://twitter.com/BlockBeatsAsia