$200M Dogecoin treasury firm names Elon Musk’s lawyer as chair

Elon Musk’s attorney Alex Spiro is preparing to lead a new public crypto company backed by the DOGE meme coin. According to people familiar with the matter, the firm plans to raise $200 million.

So far, investors have cast the enterprise as a Dogecoin treasury platform and an endorsement of House of Doge, the Miami entity formed in early 2025 by the Dogecoin Foundation.

Musk has influenced Dogecoin’s popularity and price in the past

The company aims to raise at least $200 million to be listed as a publicly traded company that holds Dogecoin or its relevant derivatives on its balance sheet. The idea is to offer investors a way of entering the stock market to gain exposure to Dogecoin without needing to hold it directly. For now, though, the plan is still at the pitch stage, with no specific details yet on structure or timing.

Investor materials and conversations indicate the group intends to name Alex Spiro, a Quinn Emanuel partner known for representing high-profile clients like Elon Musk, Jay-Z, and Alec Baldwin, as chairman.

Musk himself has had long-standing connections with Dogecoin. In 2019, he called it his favorite cryptocurrency in a post that helped catapult the token into the spotlight. Then again, during his May 2021 Saturday Night Live appearance, Musk described Dogecoin as a “hustle,” a comment that quickly erased weeks of gains and dragged the token down from record levels.

The price seemed to shift each time the billionaire posted about Dogecoin, sparking worries from regulators and investors about his outsized impact. He even faced a market-manipulation lawsuit in 2022, but in 2024, the case was dismissed, thanks in part to Spiro’s defense.

For now, it is still unclear whether Musk will be involved with the new company. Representatives for X have not replied to inquiries, and House of Doge declined to comment. 

Dogecoin is widely regarded as the first meme coin, has no underlying utility, and draws its worth primarily from online culture and popularity. It is named after the Doge meme — a Shiba Inu accompanied by Comic Sans catchphrases such as “so amaze.”

Michael Saylor popularized the corporate crypto holdings

Several publicly traded companies have restructured to fit the bill of crypto treasury companies, securing funds to acquire and keep digital assets on their balance sheets.

For instance, Neptune Digital Assets, headquartered in Vancouver, revealed in February 2025 that it had obtained 1 million Dogecoin via a derivative purchase at an average cost of $0.37 per token. The company also added 20 Bitcoin to diversify its portfolio.

In July, Nasdaq-listed Bit Origin said it had lined up as much as $500 million in debt and equity funding to build a Dogecoin treasury. As reported by Cryptopolitan, this was the first time a US-based company has made the token a key part of its holdings. Chardan was the exclusive placement agent, and Atw Partners was the backer. Bit Origin disclosed the transaction in a regulatory filing on July 17 (Form 6-K).

Tesla has also confirmed it owns some Dogecoin, though it has never shared how much. The automaker started accepting cryptocurrency for select merchandise in early 2022.

Meanwhile, Strategy, formerly known as MicroStrategy, was key in popularizing digital asset treasuries when it started holding Bitcoin way back in 2020. The BTC holdings lifted Strategy’s market value to around $96 billion, fueling efforts by other companies to mimic Saylor’s financial experiment. 

Since the start of the year, 184 public firms have unveiled crypto purchases amounting to nearly $132 billion, according to Architect Partners data—assets acquired range from Bitcoin to Ethereum, Solana, and WLFI, the Trump family’s cryptocurrency.

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