Elon Musk’s Attorney to Chair $200 Million Dogecoin Investment Vehicle

Elon Musk’s long-time attorney, Alex Spiro, is reportedly set to chair a new public company designed to raise $200 million for Dogecoin investments. The initiative, revealed in a Fortune report citing six people familiar with the matter, would give investors stock-market exposure to the popular memecoin without directly holding it.

The project is being pitched to investors as a DOGE treasury entity with backing from House of Doge, a corporate group launched earlier this year by the Dogecoin Foundation and based in Miami. While the effort is still in the early pitch stage, the plan is to establish a public company that will hold DOGE on its balance sheet, positioning it as a unique way for traditional investors to access the token.

A Dogecoin Treasury Vehicle in the Making

Spiro, a partner at Quinn Emanuel Urquhart and Sullivan, has represented high-profile names such as Elon Musk, Jay-Z, and Alec Baldwin. According to investor materials and conversations, he is expected to chair the new Dogecoin company once established. However, no launch date or final structure has been confirmed.

The move comes amid a wave of firms turning themselves into crypto treasury companies. These businesses raise capital to buy and hold digital assets, mirroring strategies once reserved for Bitcoin-focused enterprises. 

DOGE, though less widely adopted than Bitcoin or Ethereum, has carved out a niche following thanks to its active community and Musk’s frequent endorsements.

Growing Corporate Interest in DOGE

Several companies have already made significant Dogecoin-related moves this year. In February, Vancouver-based Neptune Digital Assets disclosed the purchase of one million DOGE at an average of $0.37, adding to its diverse portfolio that also includes Bitcoin. 

More recently, Nasdaq-listed Bit Origin announced up to $500 million in financing to build a dedicated DOGE treasury, becoming the first U.S.-traded company to commit its balance sheet to DOGE.

Musk himself has long influenced Dogecoin’s trajectory. Tesla, his electric car company, holds undisclosed amounts of DOGE and has accepted it as payment for select merchandise since 2022. 

Musk’s remarks on social media have repeatedly sent the token’s price swinging, from his 2019 tweet calling DOGE his “favorite cryptocurrency” to his infamous 2021 Saturday Night Live appearance labeling it a “hustle.”

Notably, Spiro also defended Musk in a lawsuit brought by investors accusing him of manipulating DOGE price. That case was dismissed in late 2024, strengthening the attorney’s ties to the cryptocurrency just months before his new role emerged.