Attorney Alex Spiro, representing Elon Musk, is set to lead a new public company aiming to raise $200 million for investing in Dogecoin, as reported by Fortune from sources familiar with the venture.
This initiative is being marketed as a Dogecoin (DOGE) treasury vehicle, backed by House of Doge, a corporate entity formed in early 2025 by the Dogecoin Foundation, located in Miami, according to Fortune’s report on Friday.
The company aims to secure at least $200 million as a public vehicle to retain Dogecoin on its books, allowing investors exposure to the token through the stock market without direct ownership.
The initiative is still in the pitch phase, with no information available on its structure or expected launch timing.
Spiro, a partner at Quinn Emanuel Urquhart and Sullivan, known for representing notable clients like Elon Musk, Jay-Z, and Alec Baldwin, is mentioned in investor materials and discussions as the prospective chairman of this entity.
Related: Dogecoin whales de-risk as DOGE price faces a potential 45% drop
Increasing interest in Dogecoin treasury companies
This year has witnessed a rise in publicly traded firms rebranding as crypto treasury companies, gathering funds to acquire and hold digital assets on their balance sheets. Although Dogecoin (DOGE) was launched in 2013 as a memecoin and is less commonly adopted than Bitcoin (BTC) or Ether (ETH), it has attracted some dedicated supporters.
In February 2025, Vancouver’s Neptune Digital Assets announced the acquisition of 1 million Dogecoin through a strategic derivative purchase at an average rate of $0.37 each, contributing to its expanding crypto portfolio. The firm also acquired 20 Bitcoin, further diversifying its asset strategy.
In July, Nasdaq-listed Bit Origin revealed it secured up to $500 million in debt and equity financing to establish its DOGE treasury, making it the first U.S. traded company to explicitly plan for Dogecoin as a primary balance sheet asset.
Musk’s electric vehicle firm, Tesla, has also made Dogecoin holdings public, though it has never clarified the size of its position. The company began accepting DOGE for selected merchandise as of early 2022.
Musk’s relationship with Dogecoin is longstanding. In 2019, he commented that Dogecoin “might be my fav cryptocurrency,” a statement that propelled the token into the spotlight.
During May 2021, Musk hosted Saturday Night Live and humorously referred to Dogecoin as a “hustle,” resulting in a sharp decline in its price following weeks of speculation which had pushed the coin to new heights.
His remarks about the memecoin have triggered market fluctuations, leading to increased scrutiny from both investors and regulators regarding his influence.
In 2022, he faced a lawsuit from investors claiming he manipulated the Dogecoin market. That case was dismissed in late 2024, with Alex Spiro heading the defense.
Magazine: 5 real use cases for useless memecoins
