Dogecoin (DOGE) price is up 2% today, trading at $0.22, after news that Elon Musk’s lawyer Alex Spiro will chair a $200 million Dogecoin treasury company.
According to Fortune, investors are being pitched on a new Dogecoin treasury vehicle that will invest directly in the token. Six people confirmed the deal to the outlet: three were pitched directly, while three heard about it from others involved.
The entity House of Doge, created by the Dogecoin Foundation in early 2025, has reportedly signed off on the plan, making it the official corporate Dogecoin vehicle.
Alex Spiro, a lawyer at Quinn Emanuel Urquhart & Sullivan, is well-known for representing Elon Musk, Jay-Z, and Alec Baldwin.
According to a pitch sent to investors and five sources familiar with the matter cited by Fortune, Spiro will serve as chairman of the new public company.
It’s unclear whether Musk himself will be directly involved.
Spiro has already played a big role in Dogecoin’s legal journey. In August 2024, he helped win dismissal of a lawsuit that accused Musk of manipulating the token’s price. After the ruling, Spiro told reporters:
“It is a very good day for Dogecoin.”
Musk’s impact on Dogecoin is undeniable. Since 2013, the memecoin has repeatedly surged following his tweets or appearances — including his 2021 Saturday Night Live cameo.
This Dogecoin treasury follows a trend started by Strategy (formerly MicroStrategy) in 2020, when Michael Saylor turned his company into a Bitcoin proxy by putting BTC on its balance sheet.
If Dogecoin replicates that model, it could offer traditional investors a new way to get exposure to the memecoin.
Q: How much money will the Dogecoin treasury raise?
A: The plan is to raise at least $200 million, according to Fortune.
Q: Why does Elon Musk influence Dogecoin so much?
A: Musk’s tweets and public remarks often trigger DOGE rallies, making him one of the biggest drivers of its price movements.
