Elon Musk’s Lawyer to Chair $200M Dogecoin Treasury Company 🐕💵

[kevin1]

A new publicly traded Dogecoin treasury vehicle is being pitched to investors, with Elon Musk’s longtime attorney Alex Spiro slated as chairman, according to Fortune.

The Plan

Target raise: $200M.

Structure: A public company holding Dogecoin on its balance sheet.

Goal: Give investors stock-market exposure to DOGE without direct ownership.

Backed by: House of Doge, the corporate entity launched by the Dogecoin Foundation in Miami earlier this year.

Status: Still at pitch stage — structure and launch timing TBD.

Who’s Leading?

Alex Spiro (Quinn Emanuel partner) → known for representing Elon Musk, Jay-Z, Alec Baldwin.

His name is appearing in investor materials and conversations as incoming chairman.

Notably, Spiro also defended Musk in the Dogecoin manipulation lawsuit, which was dismissed in late 2024.

The Rise of Dogecoin Treasury Companies

2025 has seen a wave of public firms reposition as crypto treasuries, some explicitly focused on DOGE:

Neptune Digital Assets (Canada): acquired 1M DOGE at $0.37 avg + added 20 BTC to reserves.

Bit Origin (Nasdaq): secured $500M financing to build a Dogecoin-centric treasury — the first U.S.-listed company to do so.

Tesla: still holds Dogecoin (size undisclosed), accepts DOGE for merch since 2022.

‍🦺 Musk’s Long DOGE History

2019: Musk calls Dogecoin “my fav cryptocurrency” → price surge.

2021: SNL appearance, joking DOGE is a “hustle” → sharp selloff.

Multiple tweets have been market-moving events, leading to regulator scrutiny.

Lawsuit alleging manipulation dismissed, with Spiro leading the defense.

🧩 The Takeaway

If the deal closes, this would mark the first public DOGE treasury vehicle with Musk-world fingerprints.

Bull case: Institutionalized Dogecoin exposure could legitimize DOGE as a treasury asset, much like Bitcoin before it.

️ Bear case: DOGE remains a memecoin with limited adoption, making a $200M treasury play highly speculative.

Question: Is this the moment Dogecoin graduates from meme to treasury asset, or just another Musk-adjacent hype cycle?

[Dave]

Really interesting move. If this treasury vehicle actually launches, it could give DOGE a whole new layer of legitimacy in traditional finance. Not every day we see a memecoin being positioned like a treasury asset.

[Smith]

I like how this bridges the gap between retail hype and institutional structure. Risky for sure, but the fact big names are involved shows DOGE isn’t going away anytime soon.

[Nahid10]

This could be a game-changer for DOGE. A publicly traded treasury vehicle would give traditional investors exposure without touching crypto wallets or exchanges. If it really raises $200M, that legitimizes Dogecoin as more than just a meme — it puts it in the same conversation as BTC and ETH treasury plays. Institutions love “stock wrappers,” so DOGE might finally get its Wall Street moment.

[jacson4]

Honestly, this feels more like another Musk-adjacent hype play than real adoption. DOGE still lacks meaningful use cases compared to ETH or even SOL. Building a $200M “treasury company” around a meme asset could work short-term, but long-term it’s risky. Investors might just be buying into brand power (Musk + Spiro) rather than fundamentals. Careful not to confuse exposure with utility.

[emranrx]

What’s wild is how far Dogecoin has come. From a 2013 joke coin → Musk tweets in 2019 → SNL pump/dump in 2021 → now possibly becoming a publicly listed treasury vehicle in 2025. Whether you’re bullish or bearish, that’s insane progression. If DOGE survives another full market cycle with institutional backing, it might cement itself as the “fun money” of crypto treasuries.

[kelson10]

I think both sides are right. On one hand, DOGE as a treasury asset still sounds speculative — no hard cap, limited dev activity, weak ecosystem compared to ETH. On the other hand, markets don’t run purely on fundamentals. If institutions want meme exposure and there’s investor demand, DOGE fits the bill. With Spiro leading (and Musk in the background), this vehicle could capture serious attention.

[Maxwell]

If this DOGE treasury goes public, it could be the first real step in institutionalizing Dogecoin. Even if adoption is limited, a listed vehicle gives traditional investors an easy on-ramp.