Elon Musk’s attorney, Alex Spiro, is poised to lead a groundbreaking venture that aims to raise $200 million for Dogecoin investments, as reported by Fortune. This initiative is being marketed to potential investors as a Dogecoin (DOGE) treasury vehicle, endorsed by House of Doge—a corporate entity established in early 2025 by the Dogecoin Foundation and based in Miami.
Innovative Approach to Cryptocurrency Investment
The newly proposed company seeks to secure at least $200 million by positioning itself as a public entity to hold Dogecoin on its balance sheet. This allows investors to gain stock-market exposure to the token without direct ownership of the cryptocurrency. The initiative is still in the conceptual phase, with specific details regarding its structure and launch timeline yet to be revealed.
Alex Spiro, a partner at Quinn Emanuel Urquhart and Sullivan, will chair the company. Spiro is renowned for representing high-profile clients such as Elon Musk, Jay-Z, and Alec Baldwin, adding a layer of expertise and credibility to the venture.
Expanding Landscape of Dogecoin Treasury Companies
2025 has witnessed a notable rise in publicly traded companies rebranding as cryptocurrency treasury entities. These companies are actively raising funds to acquire and retain digital assets on their balance sheets. Although Dogecoin (DOGE), a memecoin launched in 2013, lacks the widespread adoption of Bitcoin (BTC) or Ether (ETH), it boasts a loyal following.
In February 2025, Neptune Digital Assets, based in Vancouver, announced its acquisition of 1 million Dogecoin through a strategic derivative purchase at an average price of $0.37 per token, expanding its diverse crypto portfolio. The firm also purchased 20 Bitcoin, underscoring its commitment to a diversified asset strategy.
In July, Bit Origin, a Nasdaq-listed company, secured up to $500 million in debt and equity financing to build its DOGE treasury. This move marked Bit Origin as the first US-traded company to openly prioritize Dogecoin as a core balance sheet asset.
Tesla, Musk’s electric car company, has also disclosed holdings in Dogecoin but has not specified the size of its position. The company began accepting DOGE for select merchandise purchases in early 2022.
Elon Musk’s Enduring Relationship with Dogecoin
Elon Musk has been a prominent figure in the Dogecoin community. In 2019, he tweeted that Dogecoin “might be my fav cryptocurrency,” propelling the token into the spotlight. In May 2021, Musk hosted Saturday Night Live and humorously referred to Dogecoin as a “hustle,” causing a sharp decline in its price after a period of significant hype that had driven the coin to an all-time high.
Musk’s tweets about the memecoin have often influenced market trends, prompting both investors and regulators to examine his impact closely. In 2022, he faced a lawsuit from investors accusing him of manipulating the Dogecoin market. This case was dismissed in late 2024, with Alex Spiro leading the defense.
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