This U.S.-listed company spent $10 million buying a "Pilcoin"
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This U.S.-listed company spent $10 million buying a "Pilcoin"
What's the catch when marijuana dealers get into crypto?
Navigating Web3 tides with focused insightsBy Ryo, BlockBeats
Recently, a wave of public companies building cryptocurrency reserves has swept across the globe. In Mesquite, a small city in northeastern Nevada, U.S., publicly traded company Dogecoin Cash Inc. announced plans to establish a subsidiary and allocate DOGE assets. However, prior to this move, the company primarily operated in the online cannabis services sector and had previously created a subsidiary to purchase large quantities of a token called "Dogecoin Cash." According to GMGN data, the liquidity of this token is less than $4,000, with warnings indicating that "the token may be a scam coin (pig but no exit)."
Data source: GMGN
DOGE or DOG?
Dogecoin Cash Inc. is a publicly listed company transitioning from the medical cannabis industry, gradually establishing a dual-core business model combining “cannabis + crypto.” Initially focused on remote medical cannabis services, its platform PrestoDoctor provided online consultations and cannabis recommendations for patients across multiple states and held several patents related to cannabis strains and applications.
In November 2024, the company officially changed its name from "Cannabis Sativa, Inc." to "Dogecoin Cash Inc." and began entering the digital asset sector by establishing multiple subsidiaries.
On June 13, 2025, Dogecoin Cash, Inc. announced the completion of its previously disclosed acquisition of 420 million DOG tokens, increasing its total holdings of DOG to 2 billion. This acquisition also included the domain AltcoinMarketCap.com. The company plans to develop the website into a community-driven altcoin index platform integrated within the broader DOGP ecosystem. The platform will highlight trending, meme culture-based, and community-supported digital assets, aligning with DOGP's mission to promote decentralized crypto culture.
In early 2025, Dogecoin Cash Inc. established a wholly-owned subsidiary, MEME Coins Inc., primarily responsible for holding and managing DOG—a BSC-based altcoin, not the original DOGE (Dogecoin). On-chain data shows the company’s wallet has accumulated 3 billion DOG tokens.
MEME Coins Inc. is DCI’s first subsidiary to enter the digital asset space, executing a strategic focus on meme coins (DOG). On March 24, MEME Coins Inc. reached an agreement with Tipestry Inc. to successfully acquire 1 billion Dogecoin Cash (DOG) tokens. On June 25, an SEC filing revealed that MEME Coins Inc. issued 250,000 shares of preferred stock (par value $20 per share) to Tipestry in exchange for full control and ownership of these tokens. Tipestry transferred the tokens into a dedicated wallet and handed over all access rights to MEME Coins Inc. for custody.
David Tobias, CEO of the company, stated that this acquisition marks a significant step in expanding Dogecoin Cash’s digital asset portfolio and further strengthens its positioning within the crypto ecosystem.
On July 1, 2025, the company established another wholly-owned subsidiary, Dogecoin Treasury Inc. (DTI), focusing on supporting projects related to Dogecoin, assisting in managing 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 DTI provides a dedicated framework for the company's technical operations and business objectives, helping systematically advance internal tool development and implementation, including those involving the Dogecoin protocol.
To date, the company has cumulatively acquired over 4 billion DOG tokens. The transaction does not dilute existing shareholders’ equity, nor does it affect the capital structure. However, there are currently no clear documents indicating that the company holds any DOGE-related assets.
Stock and Token Both Plummet—Another Pump-and-Dump Scheme?
Dogecoin Cash Inc.'s stock price has recently entered a consolidation phase. As of the U.S. market close on July 1, 2025, DOGP closed at $0.0289, down 1.03% for the day, continuing a slight downward trend over the past week. After hitting a 52-week low of $0.0028 in September 2024, DOGP surged over 900% and reached a yearly high of $0.1662 in December 2024. However, in the second quarter of 2025, the stock clearly pulled back, with the current price down more than 80% from its peak.
Data source: TradingView
As of now, the price of the company’s on-chain token DOG has fallen over 80% from its all-time high.
Data source: Dexscreener
Based on publicly disclosed data, Dogecoin Cash Inc. exhibits an executive-dominated ownership structure. The majority of shares are controlled by board members and executives, institutional investor participation is low, and retail investors hold most of the remaining circulating shares.
Data source: simplywall
CEO David Tobias is the largest single shareholder, holding approximately 31.2 million shares, or about 22.8% of the company's total shares. Besides him, directors Kyle Powers, CFO Carolyn Merrill, and directors Catherine Carroll, Robert Tankson, and Trevor Reed each hold between 1.6 million and 7.4 million shares, representing individual stakes ranging from 1.6% to 5.1%.
The combined board and management team controls over 40% of the shares, reflecting strong internal control. While this structure ensures consistent strategic execution, it also means external investors have relatively limited influence over corporate governance.
Institutional ownership is extremely low. Currently, only a few small institutions report holding the stock. For example, Advisors Management Group, Inc. holds 42,700 shares (about 0.03% of total shares), while Winch Advisory Services LLC holds just 93 shares (less than 0.001%). This indicates mainstream institutional investors have not shown significant interest in Dogecoin Cash.
Aside from internal executives and a handful of institutions, the remaining 55% to 60% of shares are held by retail investors, forming the primary source of market float.
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