This US stock company spent $10 million to buy a "Pixiu Coin."

Recently, the wave of public companies establishing cryptocurrency reserves has swept across the globe. In a small city in northeastern Nevada, USA, Mesquite, a publicly traded company, Dogecoin Cash Inc., announced that it is planning to establish a subsidiary and allocate DOGE assets. However, prior to this, the company's primary focus was 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 a 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 model of "cannabis + crypto." The company initially focused on providing remote medical cannabis services, and its platform, PrestoDoctor, has provided online consultations and cannabis recommendation services to patients in multiple states, holding multiple cannabis strain and application patents.

In November 2024, the company officially changed its name from "Cannabis Sativa, Inc." to "Dogecoin Cash Inc." and entered the cryptocurrency asset field by establishing multiple subsidiary companies.

On June 13, 2025, Dogecoin Cash, Inc. announced the completion of the previously disclosed acquisition of 4.2 billion DOG tokens, 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 this website into a community-driven meme coin index platform integrated into a broader DOGP ecosystem. The platform will focus on showcasing popular, meme culture-centric, 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., primarily responsible for holding and managing DOG. DOG is a meme coin deployed on the BSC chain, not the actual DOGE dogecoin. According to on-chain data, the company's wallet has accumulated 30 billion DOG tokens;

MEME Coins Inc. is DCI's first subsidiary to venture into cryptocurrency assets with a meme coin (DOG) strategy. On March 24, MEME Coins Inc. reached an agreement with Tipestry Inc. to successfully acquire 10 billion Dogecoin Cash (DOG) tokens. SEC filings on June 25 revealed: MEME Coins Inc. issued 250,000 shares of preferred stock to Tipestry at a face value of $20 per share in exchange for full control and ownership of this batch of tokens. Tipestry will transfer the tokens to a dedicated wallet and grant all access rights to MEME Coins Inc. for safekeeping.

Company CEO David Tobias stated that this acquisition is an important step in expanding Dogecoin Cash's digital asset portfolio and further strengthens 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 specialized 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.

As of now, the company has accumulated over 4 billion DOG tokens through acquisitions, and this transaction will not dilute the existing shareholders' equity, nor will it affect the capital structure. However, there is currently no clear documentation showing that the company holds DOGE-related assets.

A Dual Decline in Coin and Stock Prices, Signaling a Rug Pull?

Dogecoin Cash Inc.'s stock price has recently entered a consolidation phase. As of the U.S. stock market close on July 1, 2025, DOGP closed at $0.0289, down 1.03% for the day, continuing a slight adjustment trend seen over the past week. Since hitting a 52-week low of $0.0028 in September 2024, DOGP had once surged over 900% and reached a yearly high of $0.1662 in December 2024. However, in the second quarter of 2025, the stock has notably retraced, with the current price down over 80% from its peak.

Data Source: TradingView

Currently, the company's on-chain token DOG has dropped over 80% from its high.

Data Source: Dexscreener

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

Data Source: simplywall

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

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 implies that external investors have relatively limited influence on corporate governance.

The shareholding proportion of institutional investors is very low. Currently, only a few small institutions have disclosed holdings in the company's stock. For example, Advisors Management Group, Inc. holds 42,700 shares, representing approximately 0.03% of the total share capital; 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.

In addition to internal executives and a small number of institutions, approximately 55% to 60% of the remaining shares are held by retail investors. This segment constitutes a significant source of outstanding shares in the market.