Elon Musk's longtime lawyer Alex Spiro is reportedly set to chair a $200 million Dogecoin (CRYPTO: DOGE) treasury company backed by the House of Doge, marking a major step in bringing the meme-inspired cryptocurrency further into mainstream finance.
Dogecoin Treasury Company In The Works
A pitch circulating among investors details plans for a publicly traded company dedicated to holding and investing in Dogecoin, reported Fortune, citing six sources.
Three sources confirmed they were approached directly, while three others said they were briefed by parties involved.
The House of Doge — the official corporate entity tasked with Dogecoin's development — is said to have approved the initiative, branding it the "official" Dogecoin vehicle, the report said.
The Miami-based group was launched in early 2025 by the Dogecoin Foundation to help formalize the popular cryptocurrency's growth.
While exact details on the public offering's structure and launch timeline remain undisclosed, two sources, according to the report, confirmed the goal is to raise at least $200 million.
Spiro's Role And Musk's Ties
Spiro, Musk's high-profile attorney known for representing celebrities including Jay-Z and Alec Baldwin, is slated to serve as chairman of the new company.
Spiro successfully defended Musk in 2024, winning dismissal of a lawsuit that accused the billionaire of manipulating Dogecoin prices.
Musk's direct involvement in the new treasury entity remains unclear.
Dogecoin's Market Influence And Corporate Strategy
Dogecoin, originally launched in 2013 by software engineers Jackson Palmer and Billy Markus as a joke cryptocurrency based on a Shiba Inu meme, has evolved into one of the most widely recognized tokens, boasting a market cap of more than $32 billion.
Previously, its value often surged following Musk's public endorsements, fueling both investor enthusiasm and regulatory scrutiny.
The planned treasury company mirrors moves by firms like Strategy Inc (NASDAQ:MSTR), previously known as MicroStrategy, which turned its Bitcoin (CRYPTO: BTC) holdings into a stock-market proxy for the cryptocurrency, helping drive its valuation to nearly $96 billion.
Since January, 184 public companies have announced crypto purchases worth a collective $132 billion, according to Architect Partners, the report noted.
Analysts say a publicly traded Dogecoin treasury could provide traditional investors with exposure to the memecoin while cementing its legitimacy as an asset class.
At the time of writing, Dogecoin was valued at $0.2168, marking a 1.37% increase over the past 24 hours.
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Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
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