Elon Musk’s attorney Alex Spiro is set to chair a new public company that aims to raise $200 million to invest in Dogecoin, according to a Fortune report citing six people familiar with the deal.
The initiative is being pitched to investors as a Dogecoin (DOGE) treasury vehicle with the endorsement of House of Doge, the corporate entity launched in early 2025 by the Dogecoin Foundation and headquartered in Miami, Fortune reported Friday.
The company seeks to raise at least $200 million as a public vehicle to hold Dogecoin on its balance sheet, giving investors stock-market exposure to the token without direct ownership.
The effort remains at the pitch stage, with details on its structure or launch timing not yet disclosed.
Spiro, a Quinn Emanuel Urquhart and Sullivan partner who has represented high-profile clients including Elon Musk, Jay-Z and Alec Baldwin, has been named in investor materials and conversations as the planned chairman of the entity.
Related: Dogecoin whales de-risk as DOGE price is in danger of dropping 45%
Dogecoin treasury companies are growing
This year has seen a surge of publicly traded companies rebranding as crypto treasury companies, raising funds to buy and hold digital assets on their balance sheets. While Dogecoin (DOGE), a memecoin created in 2013, is far less widely adopted than Bitcoin (BTC) or Ether (ETH), it has drawn a few dedicated backers.
In February 2025, Vancouver-based Neptune Digital Assets disclosed the acquisition of 1 million Dogecoin via a strategic derivative purchase at an average price of $0.37 per token, adding to its growing crypto holdings. It also bought 20 Bitcoin, reinforcing its diversified asset strategy.
In July, the Nasdaq-listed company Bit Origin announced it had secured up to $500 million in debt and equity financing to build its DOGE treasury. The move made it the first US-traded company to openly plan for Dogecoin to be its core balance sheet asset.
Musk’s electric car company, Tesla, has also disclosed Dogecoin holdings, though it has never specified its position size. The firm began accepting DOGE for select merchandise purchases in early 2022.
Musk has a long history with Dogecoin. In 2019, he posted that Dogecoin “might be my fav cryptocurrency,” a remark that pushed the token into the headlines.
In May 2021, Musk hosted Saturday Night Live and jokingly called Dogecoin a “hustle,” sending the price sharply lower after weeks of hype that had helped drive the coin to an all-time high.
His posts about the memecoin have been market-moving events, causing investors and regulators to scrutinize his influence.
In 2022, he was sued by investors who alleged he manipulated the Dogecoin market. That case was dismissed in late 2024, with Alex Spiro leading the defense.