Elon Musk’s longtime attorney, Alex Spiro, is set to chair a new publicly traded company that aims to raise $200 million to build a Dogecoin treasury, according to a Fortune report citing multiple sources familiar with the matter.
Key Takeaways:
Elon Musk’s lawyer Alex Spiro will chair a new $200M public company aimed at building a Dogecoin treasury. The venture, backed by the Dogecoin Foundation’s House of Doge, offers DOGE exposure without direct token ownership. It joins a growing list of firms adding Dogecoin to corporate balance sheets amid rising institutional interest.The venture is being pitched to investors as a dedicated Dogecoin holding vehicle backed by the House of Doge, the corporate entity created by the Dogecoin Foundation in early 2025.
Headquartered in Miami, House of Doge has emerged as the central force in institutionalizing the memecoin.
New Public Vehicle to Offer Dogecoin Exposure Without Direct Ownership
The company plans to offer stock-market exposure to Dogecoin without requiring direct token ownership from investors.
While still in the pitch phase, investor materials name Spiro, partner at Quinn Emanuel Urquhart & Sullivan and Musk’s legal representative in multiple high-profile cases, as the incoming chairman.
This development comes amid a wave of firms rebranding as crypto treasury companies, raising capital to acquire digital assets.
Dogecoin, originally launched in 2013 as a joke, has gradually found a foothold among a small but growing group of corporate backers.
In February, Vancouver-based Neptune Digital Assets disclosed a 1 million DOGE purchase at an average price of $0.37.
The firm also holds Bitcoin and has expanded its treasury through derivatives. Meanwhile, Nasdaq-listed Bit Origin revealed plans in July to raise $500 million in financing to build its DOGE-focused balance sheet, becoming the first US-listed company to do so.
Tesla, the electric vehicle company chaired by Musk, has also acknowledged Dogecoin holdings and accepts the token for select merchandise purchases.
While Tesla hasn’t disclosed the size of its DOGE reserves, its public endorsement has long been considered a key catalyst for the token’s popularity.
Musk’s relationship with Dogecoin has been both promotional and controversial. A 2019 tweet calling Dogecoin his “fav cryptocurrency” helped propel the coin into mainstream visibility.
In 2021, his Saturday Night Live appearance, where he called Dogecoin a “hustle,” triggered a steep price drop after a hype-fueled rally.
Spiro defended Musk in a 2022 lawsuit alleging Dogecoin market manipulation. That lawsuit was dismissed in 2024.
Eliza Labs Sues Elon Musk’s X Corp, Alleging Monopoly Abuse
As reported, Eliza Labs has filed a lawsuit against X Corp, accusing the Elon Musk-owned company of abusing its dominant position to suppress competition and replicate its technology.
The complaint claims that X used its platform power to extract sensitive technical data from Eliza Labs before suspending the firm’s account without warning.
Last week, Ex Populus, the company behind the Ethereum-based gaming platform XAI,also filed a trademark infringement lawsuit against Elon Musk’s artificial intelligence company, xAI.
The legal dispute centers on alleged marketplace confusion between Ex Populus’s federally registered “XAI” trademark and Musk’s similarly named venture, launched shortly after.
Ex Populus claims Musk’s xAI crossed into its territory when he announced plans to launch an AI game studio in late 2024, amplifying confusion among consumers.
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