This cannabis company wanted to take advantage of the "coin-stock narrative" and ended up buying a "Pixiu coin"

Author: Ryo

Recently, the wave of listed companies building cryptocurrency reserves has swept the world. In Mesquite, a small city in northeastern Nevada, a listed company Dogecoin Cash Inc. announced that it will establish a subsidiary and allocate DOGE assets. However, before that, the company mainly provided online marijuana services, and during this period, it created a subsidiary to purchase a large number of tokens called "Dogecoin Cash". GMGN data shows that the liquidity of the token is less than $4,000, and "the token may be a Pixiu."

 Data source: GMGN

DOGE or DOG?

Dogecoin Cash Inc. is a listed company that has transformed from the medical cannabis industry and is gradually building a dual-core business layout of "cannabis + cryptocurrencies". The company initially provided remote medical cannabis services. Its platform PrestoDoctor has provided online consultation and cannabis recommendation services to patients in multiple states, and has a number of patents for cannabis varieties and applications.

In November 2024, the company officially changed from "Cannabis Sativa, Inc." to "Dogecoin Cash Inc." and entered the field of crypto assets by establishing multiple subsidiaries.

On June 13, 2025, Dogecoin Cash, Inc. announced the completion of the previously disclosed acquisition of 420 million DOGs, increasing the total number of DOG tokens held by the company to 2 billion. The acquisition also includes the domain name AltcoinMarketCap.com. The company plans to build the website into a community-driven altcoin index platform, integrated into the broader DOGP ecosystem. The platform will focus on displaying popular, emoji-centric, and community-supported digital assets, in line with DOGP's mission to promote decentralized crypto culture.

Dogecoin Cash Inc. established a wholly-owned subsidiary, MEME Coins Inc., in early 2025, which is mainly responsible for holding and managing DOG, a type of altcoin deployed on the BSC chain, not the real DOGE. According to on-chain data, the company's wallet has accumulated 3 billion DOGs;

MEME Coins Inc. is the first subsidiary of DCI to get involved in crypto assets, and has laid out the meme coin (DOG) strategy. On March 24, MEME Coins Inc. reached an agreement with Tipestry Inc. to successfully acquire 1 billion Dogecoin Cash (DOG) tokens. On June 25, SEC documents disclosed that MEME Coins Inc. issued 250,000 preferred shares to Tipestry, with a par 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 give all access rights to MEME Coins Inc. for safekeeping.

The company's CEO David Tobias said that this acquisition is an important step for Dogecoin Cash to expand its digital asset portfolio and further strengthens the company's layout in the crypto ecosystem.

On July 1, 2025, the newly established wholly-owned subsidiary Dogecoin Treasury Inc. will focus on supporting the company's development projects related to Dogecoin, assisting in the management of digital assets (including DOGE) held or acquired by the company, and serving as a platform for protocol asset ownership and long-term planning. A spokesperson for Dogecoin Cash Inc. said that DTI provides a dedicated framework for the company's technical work and business goals, which will help to orderly promote the development and implementation of internal tools, including the Dogecoin protocol.

So far, the company has acquired more than 4 billion DOG tokens, and the transaction will not dilute the interests of existing shareholders and will not affect the capital structure. However, there is currently no clear document showing that the company holds DOGE-related assets.

Both cryptocurrencies and stocks fell, are they a wave of profiteers?

The share price of Dogecoin Cash Inc. has recently entered a consolidation range. As of the close of the U.S. stock market on July 1, 2025, DOGP closed at $0.0289, a single-day decline of 1.03%, continuing the trend of slight adjustments in the past week. Since hitting a 52-week low of $0.0028 in September 2024, DOGP's cumulative increase has exceeded 900% at one point, and hit a high of $0.1662 for the year in December 2024. However, after entering the second quarter of 2025, the stock has fallen significantly, and the current price has retreated more than 80% from the high point.

 Data source: TradingView

As of now, the price of the company's on-chain token DOG has fallen by more than 80% from its peak.

 Data source: Dexscreener

According to publicly disclosed data, Dogecoin Cash Inc. presents an executive-dominated equity structure. The company's major shares are held by board members and executives, institutional investors have low participation, and public shareholders hold most of the remaining outstanding shares.

 Data source: simplywall

CEO David Tobias is the largest single shareholder, holding approximately 31.2 million shares, or 22.8% of the company's total shares. In addition to him, Director Kyle Powers, Chief Financial Officer Carolyn Merrill, Director Catherine Carroll, Robert Tankson and Trevor Reed each hold between 1.6 million and 7.4 million shares, with individual shareholdings ranging from 1.6% to 5.1%.

The company's directors and senior management team together control more than 40% of the shares, showing strong internal control attributes. This structure ensures the consistency of strategic execution to a certain extent, but it also means that the influence of external investors in corporate governance is relatively limited.

Institutional investors hold very low percentages of shares. Currently, only a few small institutions have disclosed holdings of the company's shares. For example, Advisors Management Group, Inc. holds 42,700 shares, accounting for 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, the remaining approximately 55% to 60% of the shares are held by retail investors, which constitute the main source of circulating shares in the market.