According to a Fortune report citing six sources familiar with the situation, Elon Musk’s attorney, Alex Spiro, is set to lead a new public company aiming to raise $200 million to invest in Dogecoin.
This initiative is being presented to investors as a Dogecoin (DOGE) treasury vehicle, backed by House of Doge, a corporate entity established in early 2025 by the Dogecoin Foundation and based in Miami, as reported by Fortune on Friday.
The company intends to raise at least $200 million as a public vehicle to retain Dogecoin on its balance sheet, providing investors stock-market exposure to the token without direct ownership.
This effort is still in the pitching phase, and details regarding its structure or launch timing have not been disclosed.
Spiro, a partner at Quinn Emanuel Urquhart and Sullivan, has represented high-profile clients including Elon Musk, Jay-Z, and Alec Baldwin, and has been identified in investor materials as the planned chairman of the entity.
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Growth of Dogecoin treasury companies
This year, there has been a rise in publicly traded companies rebranding as crypto treasury firms, seeking funds to acquire and hold digital assets on their balance sheets. While Dogecoin (DOGE), a memecoin created in 2013, is less widely adopted than Bitcoin (BTC) or Ether (ETH), it has attracted a few committed supporters.
In February 2025, Vancouver-based Neptune Digital Assets revealed the acquisition of 1 million Dogecoin through a strategic derivative purchase at an average price of $0.37 per token, contributing to its expanding crypto holdings. It also purchased 20 Bitcoin, further enhancing its diversified asset strategy.
In July, Nasdaq-listed company Bit Origin announced it had secured up to $500 million in debt and equity financing to establish its DOGE treasury, becoming the first US-traded company to explicitly plan for Dogecoin to be its primary balance sheet asset.
Musk’s electric vehicle company, Tesla, has also acknowledged its Dogecoin holdings, although it has never revealed the size of its position. The company began accepting DOGE for certain merchandise purchases in early 2022.
Musk has a long-standing relationship with Dogecoin. In 2019, he tweeted that Dogecoin “might be my fav cryptocurrency,” a comment that thrust the token into the spotlight.
In May 2021, Musk appeared on Saturday Night Live and jokingly referred to Dogecoin as a “hustle,” causing the price to plummet after weeks of hype that had propelled the coin to an all-time high.
His mentions of the memecoin have resulted in significant market movements, leading investors and regulators to scrutinize his influence.
In 2022, he faced a lawsuit from investors claiming he manipulated the Dogecoin market, but that case was dismissed in late 2024, with Alex Spiro acting as the defense attorney.
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