The layout of listed companies in encryption assets has sparked controversy, suspected of mistakenly purchasing low Liquidity Tokens.

Recently, publicly listed companies around the world have begun to establish cryptocurrency reserves, and this trend has spread to a small city called Mesquite in northeastern Nevada, USA. A publicly listed company named Dogecoin Cash Inc. announced the establishment of a subsidiary and the allocation of digital assets. However, the company has primarily engaged in online cannabis services and had previously made significant purchases of a Token called "Dogecoin Cash" through its subsidiary. Data shows that the liquidity of this Token is extremely low, with less than $4000, and there may be risks involved.

Dogecoin Cash Inc. was originally a company focused on the medical cannabis industry, gradually transforming towards a "cannabis + encryption" dual business model. The company initially provided remote medical cannabis services, and its PrestoDoctor platform has offered online consultations and cannabis recommendations for patients in multiple states, holding several patents for cannabis varieties and applications.

In November 2024, the company officially changed its name to Dogecoin Cash Inc. and entered the encryption asset field by establishing multiple subsidiaries. On June 13, 2025, the company announced the completion of the acquisition of 420 million DOG Tokens, increasing its total holdings of DOG Tokens to 2 billion. This acquisition also includes a domain name, and the company plans to develop it into a community-driven altcoin index platform, focusing on showcasing popular digital assets that are centered around meme culture and community support.

It is worth noting that the DOG acquired by Dogecoin Cash Inc. is a cryptocurrency deployed on the BSC chain and not the well-known DOGE coin. The company's wholly-owned subsidiary, MEME Coins Inc., established in early 2025, is primarily responsible for holding and managing these DOG tokens. According to on-chain data, the company's wallet has accumulated 3 billion DOG.

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

As of now, the company has accumulated over 4 billion DOG Tokens. However, there is currently no official documentation indicating that the company holds any DOGE-related assets.

The stock price of Dogecoin Cash Inc. has recently entered a consolidation range. As of the close of US stocks on July 1, 2025, DOGP closed at $0.0289, with a daily decline of 1.03%, continuing the slight adjustment trend that has lasted for nearly a week. Since hitting a 52-week low of $0.0028 in September 2024, DOGP has accumulated a rise of over 900% at one point and reached an intra-year high of $0.1662 in December 2024. However, entering the second quarter of 2025, the stock has significantly retraced, with the current price down more than 80% from its peak.

At the same time, the on-chain Token DOG of the company has also seen a significant drop in price, falling over 80% from its peak. This phenomenon of a double decline in both the coin and stock has raised market doubts about the company's strategy.

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

CEO David Tobias is the largest single shareholder, holding approximately 31.2 million shares, which accounts for about 22.8% of the total share capital of the company. The shareholding ratios of other directors and executives range from 1.6% to 5.1%. The board of directors and the executive team together control more than 40% of the shares, demonstrating a strong attribute of internal control.

The shareholding ratio of institutional investors is very low, with only a few small institutions disclosing their holdings in the company's stocks, and the shareholding ratio is minimal. This indicates that mainstream institutions have not shown significant investment interest in Dogecoin Cash.

Except for 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 somewhat ensures consistency in strategic execution, but it also means that external investors have relatively limited influence in corporate governance.