Elon Musk’s Lawyer to Helm $200M Dogecoin Treasury Play

Plans are underway for a new publicly traded company tied to Dogecoin, and Elon Musk’s longtime attorney Alex Spiro is expected to play a central role.

According to a recent report from Fortune citing multiple people familiar with the matter, the entity aims to raise at least $200 million and operate as a treasury vehicle dedicated to the popular memecoin.

Spiro steps Into the spotlight

The proposed company has reportedly been pitched to investors in recent weeks, with Spiro listed as its incoming chairman. Spiro is well known for representing Musk in a variety of legal battles, including a high-profile Dogecoin lawsuit dismissed in 2024.

He has also represented other celebrities such as Jay-Z and Alec Baldwin.

While it remains unclear whether Musk himself has any direct involvement in the venture, the move appears to have the support of “House of Doge,” the corporate entity created earlier this year by the Dogecoin Foundation to oversee the memecoin’s development.

Sources told reporters the foundation has signed off on the project as Dogecoin’s official treasury vehicle, a step intended to lend legitimacy.

Dogecoin and the treasury model

The idea of a crypto treasury firm is not new (at all). The model gained attention in 2020 when Michael Saylor’s company, now known as Strategy, began buying large amounts of Bitcoin as part of its balance sheet strategy.

Strategy’s stock quickly became seen as a proxy for Bitcoin’s price, and since then, more than 180 public companies have made similar moves with various cryptocurrencies, collectively adding over $130 billion to corporate treasuries.

Dogecoin, however, carries unique dynamics. Created in 2013 as a meme, its value has often moved in response to Musk’s social media activity.

The billionaire’s frequent mentions of Doge have helped cement its place in the crypto conversation. Musk even named his government efficiency initiative after the token, the Department of Government Efficiency, or “DOGE.”

For now, the Dogecoin treasury proposal is still taking shape, with no launch date or final structure announced.

Other Related Read/Listens

• What Is Dogecoin?
• X Faces Federal Lawsuit From Eliza Labs Over Account Suspension, Licensing Dispute
• Ethereum Gets Aggressive, New Foundation Aims to Pump ETH by Funding ‘No Token’ Projects