Musk’s lawyer Alex Spiro to be named chairman of $200M Dogecoin treasury.
Elon Musk's lawyer, Alex Spiro, is the chairman of a new public company that aims to raise $200 million to invest in Dogecoin, Fortune reported, citing six people familiar with the deal.
A corporate entity launched in early 2025 by the Dogecoin Foundation and backed by Dogecoin House in Miami is being shaped as a Dogecoin (DOGE) treasury vehicle for investors, Fortune reported Friday.
The company is looking to raise at least $200 million as a public vehicle to hold Dogecoin on its balance sheet, giving investors exposure to the token without directly owning the stock market.
The effort, whose structure or launch timing has not yet been announced, remains in the pitch phase.
Spiro, a Queen Emanuel Urquhart & Sullivan partner who has represented high-profile clients including Elon Musk, Jay-Z and Alec Baldwin, has been named as the firm's proposed chairman in investor materials and communications.
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Dogecoin treasury companies are growing
This year, more and more companies are raising money to buy and hold digital assets on their balance sheets. Dogecoin (DOGE), Created in 2013, memecoin is far less popular than Bitcoin (BTC) or Ether (ETH) but has attracted a few dedicated supporters.
In the year He also bought 20 bitcoins, consolidating his diversified asset strategy.
In July, Nasdaq-listed company BitOrigin announced that it had secured up to $500 million in debt and equity financing to build its DOGE treasury. The move makes Dogecoin the first U.S. trading company to openly plan to make its main balance sheet asset.
Musk's electric car company Tesla has disclosed its Dogecoin holdings, although it hasn't disclosed the size of its holdings. The firm will begin accepting DOGE for select commodity purchases in early 2022.
Musk has a long history with Dogecoin. In the year In 2019, Dogecoin announced that it “might be my favorite cryptocurrency,” a comment that made headlines.
In May 2021, Musk hosted Saturday Night Live and jokingly called Dogecoin a “crash,” after weeks of hype that helped propel the coin to all-time highs, causing its price to plummet.
His posts about memecoin have been market-moving events, prompting investors and regulators to scrutinize his influence.
In the year In 2022 Dogecoin was sued by investors who allegedly rigged the market. In late 2024, the case was dismissed with Alex Spiro leading the defense.
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