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Elon Musk’s personal lawyer Alex Spiro will chair a new public company that plans to raise at least $200 million to create a Dogecoin (DOGE) treasury firm.
That’s according to a Fortune report that cited sources familiar with the matter who said the exact launch date and corporate structure of the digital asset treasury company is still unknown. It added that the entity is still in the pitching stage.
But the initiative also has the endorsement of House of Doge, a corporate entity that was launched in early 2025 by the Dogecoin Foundation, the report said.
Despite the news, the DOGE price slid over 1% in the past 24 hours to trade at $0.2174 as of 1:50 a.m. EST in line with a broad pullback that saw the crypto sector’s market cap drop over 2% to around $3.77 trillion.
DOGE price chart (Source: CoinMarketCap)
The meme coin has plunged more than 8% in the past week.
Number Of Dogecoin Treasuries Is Slowly Growing
Up until now, crypto market leaders Bitcoin (BTC) and Ethereum (ETH) have been the preferred treasury cryptos, but there is growing interest from companies looking to build DOGE reserves.
In February, a Vancouver-based company called Neptune Digital Assets disclosed that it bought 1 million Dogecoin through a strategic derivative purchase. The average price for this buy was $0.37 per token. The company also bought 20 BTC as part of an effort to diversify its treasury.
In July, a Nasdaq-listed company called Bit Origin also announced that it had raised $500 million in debt and equity financing to build its own treasury around the meme coin. This made it the first US-traded company to openly disclose plans to add DOGE to its treasury.
Musk’s own electric vehicle company, Tesla, has also disclosed that it has a position in DOGE, without providing details of its holdings. The car manufacturer started accepting DOGE for select merchandise back in 2022.
Musk Has A History With DOGE
Musk has a history with the meme coin that started all the way back in 2019, and he has referred to himself as ”The Dogefather.”
In April 2019, he made his first public comments about DOGE when he said, “Dogecoin might be my fav cryptocurrency. It’s pretty cool.”
Dogecoin might be my fav cryptocurrency. It’s pretty cool.
— Elon Musk (@elonmusk) April 2, 2019
In July 2020, he posted the comment “It’s inevitable” on Twitter, as it was then known, with a Dogecoin-themed image that suggested the crypto could become a dominant force in the global financial system.
When asked to explain DOGE during a “Weekend Update” segment of Saturday Night Live in May 2021, he said it is “the future of currency,” adding that it will “take over the world.”
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