According to the latest report, prominent legal attorney Alex Spiro has been listed as the chairman of a new digital asset treasury firm that aims to raise $200 million to invest in Dogecoin.
What Elon Musk Knows About The Dogecoin Treasury?
In an August 29 report, Fortune revealed that Alex Spiro, a lawyer who has represented popular figures like Elon Musk, Jay-Z, and Alec Baldwin, is set to chair a public company looking to invest in Dogecoin. According to unnamed sources, this digital asset treasury intends to raise at least $200 million to purchase the largest meme coin by market capitalization.
The initiative is being pitched to investors as a Dogecoin public vehicle with the endorsement of House of Doge in order to boost its legitimacy. House of Doge, launched in early 2025 by the Dogecoin Foundation, is the official corporate entity behind the meme coin, burdened with its development and promotion.
The Fortune report revealed that the Dogecoin treasury is still at the pitch stage and didn’t provide any details on the structure or potential launch date of the public vehicle. While his personal lawyer Spiro has been listed as chairman of the public company in an investor pitch, there has been no indication of Musk’s potential role in the initiative.
It is worth noting that Musk has been a vocal supporter of DOGE as far back as 2019, claiming the meme coin to be his favorite cryptocurrency. Showing his support for the meme token, the world’s richest man designed a DOGE-only payment system for his electric vehicle company, Tesla.
Musk’s posts about Dogecoin have always caused the token’s price to move, leading to a scrutiny of his market influence by investors and the crypto community. In 2022, the Tesla founder was defended in court by Spiro after investors sued him for allegedly manipulating the market.
As of this writing, the price of DOGE stands at around $0.2134, reflecting an over 3% decline in the past 24 hours. The meme coin is down by nearly 10% in the last seven days.
Crypto Treasury Firms Taking Center Stage?
Crypto treasury firms have continued to gain popularity in the digital asset industry in 2025, with new public vehicles popping up over the past few months. These publicly-traded companies hold digital assets on their books, offering their shareholders exposure to the crypto assets without directly owning them.
In July 2025, Bit Origin revealed that it had raised around $500 million in loans and equity to build its DOGE treasury. This initiative made it the first publicly traded company in the United States to openly make Dogecoin the core asset on its balance sheet.
The price of DOGE on the daily timeframe | Source: DOGEUSDT chart on TradingView
Featured image from iStock, chart from TradingView
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