Another cryptocurrency play is set to enter the public markets—with the help of Elon Musk’s personal lawyer. Investors are receiving pitches for a Dogecoin treasury company that will invest in the token, according to six sources, who declined to be named while talking about private business dealings. Three of the sources were pitched directly, and three heard about the deal from parties involved.
The company plans to raise at least $200 million, according to two of the sources. Details about the structure of the public vehicle or when it would launch were not immediately available.
House of Doge, the official corporate entity behind the cryptocurrency, is said to have signed off on the treasury play as the “official” Dogecoin vehicle, per three sources—an approach that treasury companies have taken with other cryptocurrencies’ foundations to boost the projects’ legitimacy. Launched in early 2025 by the Dogecoin Foundation and headquartered in Miami, House of Doge is tasked with developing and promoting the popular memecoin.
And Alex Spiro, a personal attorney for Musk, plans to be chairman of the public company, according to a pitch sent to a potential investor and five sources familiar with the matter.
It was not clear what role, if any, Musk would play in the new entity. A spokesperson for X, Musk’s social media network, did not respond. A spokesperson for House of Doge declined to comment. Spiro did not immediately respond to a request for comment.
Dogecoin is the original “memecoin”—a cryptocurrency that references an online joke and doesn’t have any underlying utility. The value of a memecoin is often tied to its online popularity. Dogecoin refers to a popular meme featuring a picture of a Shiba Inu surrounded by absurdist text, like “so amaze,” in Comic Sans font.
Since its launch in 2013, Dogecoin’s price movements have become increasingly correlated with public remarks from Musk, who has frequently referenced the memecoin, including during an appearance on Saturday Night Live in 2021. Often, when Musk posts about the meme or memecoin, the token has jumped in price. In fact, the world’s richest man has become so enamored with the Doge meme that he named his government-slashing initiative after it: the Department of Government Efficiency, or DOGE.
Musk’s influence over the price of Dogecoin has been so extreme that some investors claimed in a lawsuit filed in 2022 that he was manipulating markets and cashing in on sales of the memecoin after he posted about it on social media. Spiro, a lawyer for not only Musk but other celebrities like Jay-Z and Alec Baldwin, defended the billionaire in court. And in August 2024, Spiro helped win dismissal of the lawsuit.
“It is a very good day for Dogecoin,” Spiro said in a statement to multiple news outlets after the decision.
Crypto treasury boom
The pitch to create a Dogecoin treasury company with Spiro at the helm is the latest in a flood of plans from crypto investors to convince publicly traded companies to add cryptocurrencies to their balance sheets.
Strategy, a data analytics software company formerly called MicroStrategy, was the first to popularize the move. In 2020, Michael Saylor, the cofounder and executive chairman of Strategy, announced that his company was buying up Bitcoin and adding it to its corporate treasury. Traders soon saw the company’s stock as a proxy for the world’s largest cryptocurrency, and as Bitcoin exploded in price, so did Strategy’s shares.
Strategy rode the boom to a market capitalization of around $96 billion, and copycats have since tried to replicate Saylor’s financial alchemy. Since January, 184 public companies have announced crypto purchases collectively worth almost $132 billion, according to data from Architect Partners, a crypto M&A advisory and financing firm.
These purchases not only include Bitcoin but other cryptocurrencies like Ethereum, Solana, and even the Trump family’s cryptocurrency, WLFI.
While proponents of crypto treasuries say the public vehicles give traditional investors exposure to the crypto market, it has also opened the door to alleged corporate shenanigans, with experts pointing to likely insider trading before companies announce crypto pivots.
