A new public company, which aims to raise $200 million to invest in Dogecoin, is reportedly being chaired by Alex Spiro, a lawyer who has represented Elon Musk. The investment vehicle is being pitched to investors as a Dogecoin treasury, which is a company that holds digital assets on its balance sheet.
According to a Fortune report that cites multiple sources familiar with the matter, Alex Spiro, Elon Musk’s longstanding attorney, is set to serve as the chairman of a new publicly traded company designed to raise $200 million to establish a Dogecoin treasury.
Investors are being presented with the venture as a Dogecoin holding vehicle exclusively sponsored by the House of Doge, the corporate entity established by the Dogecoin Foundation in early 2025.
House of Doge, which is headquartered in Miami, has become the primary force behind the institutionalization of memecoin.
New Public Vehicle to Offer Dogecoin Exposure Without Direct Ownership
The company intends to provide Dogecoin with stock-market exposure without necessitating direct token ownership from investors.
Investor materials identify Spiro, a partner at Quinn Emanuel Urquhart & Sullivan and Musk’s legal representative in numerous high-profile cases, as the prospective chairman while the company is still in the pitch phase.
This development coincides with a surge in the number of companies rebranding as crypto treasury companies and raising capital to acquire digital assets.
Dogecoin, which was initially introduced as a joke in 2013, has progressively gained traction among a small but expanding group of corporate supporters.
In February, Vancouver-based Neptune Digital Assets disclosed the acquisition of 1 million DOGE at an average price of $0.37.
Additionally, the organization maintains Bitcoin and has expanded its treasury by employing derivatives. In July, Bit Origin, which is listed on Nasdaq, disclosed its intention to secure $500 million in financing to establish a balance sheet centered around DOGE. This marks the first time a US-listed company has undertaken such an endeavor.
Tesla, the electric vehicle company presided over by Musk, has also recognized Dogecoin as a form of payment for certain merchandise purchases.
Even though Tesla has not disclosed the size of its DOGE reserves, its public endorsement has long been regarded as a significant factor in the token’s popularity.
Musk’s association with Dogecoin has been both controversial and promotional. The coin’s mainstream visibility was bolstered by a 2019 tweet in which the author referred to Dogecoin as his “favorite cryptocurrency.”
The price of Dogecoin experienced a significant decline following a hype-fueled rally in 2021, following his appearance on Saturday Night Live, during which he referred to it as a “hustle.”
Spiro defended Musk in a 2022 lawsuit that alleged manipulation of the Dogecoin market. In 2024, that lawsuit was dismissed.
Eliza Labs Sues Elon Musk’s X Corp, Alleging Monopoly Abuse
Eliza Labs has filed a lawsuit against X Corp, alleging that the company Elon Musk owns is exploiting its dominant position to suppress competition and replicate its technology, as previously reported.
The complaint alleges that X utilized its platform power to extract sensitive technical data from Eliza Labs without warning before suspending the firm’s account.
Elon Musk’s artificial intelligence company, xAI, was also the target of a trademark infringement lawsuit filed by Ex Populus, the company responsible for the Ethereum-based gaming platform XAI, last week.
The legal dispute is centered on the alleged marketplace confusion between Ex Populus’s federally registered “XAI” trademark and Musk’s similarly named venture, which was launched shortly thereafter.
Ex Populus asserts that Musk’s xAI entered its territory when he announced his intention to establish an AI game studio in late 2024, which exacerbated consumer confusion.
