Elon Musk’s Lawyer to Chair New Dogecoin Treasury Project Aiming to Raise $200 Million

Highlights:

• Alex Spiro, Musk’s attorney, to lead $200 million Dogecoin treasury project.
• House of Doge supports Dogecoin treasury, but the launch date remains unclear.
• Despite legal battles, Musk’s influence continues to drive DGE’s growth and adoption.

Elon Musk’s attorney, Alex Spiro, is reportedly taking on the role of chairman for a new Dogecoin digital asset treasury (DAT). Six sources say an unnamed entity is presenting a Dogecoin treasury company to investors. Fortune reported that three of these sources were among those who received pitches, while the other three learned about the initiative through involved parties. The firm plans to raise $200 million to purchase and hold Dogecoin as a reserve asset, aiming to benefit from potential price increases. 

Elon Musk's lawyer Alex Spiro set to chair $200 million Dogecoin treasury – Fortunehttps://t.co/Jgkl5gWZgN

— Dogecoin (@dogecoin) August 29, 2025

Three sources confirmed that the treasury project is linked to the House of Doge, the corporate entity created by the Dogecoin Foundation in Miami earlier this year. The project’s launch timeline remains unclear at this point. Alex Spiro, known for handling high-profile cases with clients like Musk, Jay-Z, and Alec Baldwin, has played a key role in defending Musk in the Dogecoin investor lawsuit, which was dismissed. His role in leading the Dogecoin treasury adds significant legal and financial credibility to the project. Up until now, Spiro, Musk, and House of Doge have not made any official statements confirming the Dogecoin treasury project.

Dogecoin’s Growth and Legal Journey

Launched in 2013, Dogecoin started as a joke but has since gained widespread popularity, especially through Musk’s tweets and public comments, which have led to massive rallies. After DOGE’s sharp drop from its May 2021 peak, some frustrated investors accused Musk of manipulating the Dogecoin market and profiting from his viral posts. As with other lawsuits, Spiro defended Musk in this case and had it dismissed last year. Following the dismissal, Spiro referred to it as a “good day for Dogecoin.”

ELON CLEARED IN DOGECOIN LAWSUIT DISMISSAL

A lawsuit accusing Elon of manipulating Dogecoin prices has come to an end, with investors withdrawing their appeal after a judge dismissed the case in August.

The suit, which once sought $258 billion, alleged Elon’s tweets and… pic.twitter.com/rAeQPXItkQ

— Mario Nawfal (@MarioNawfal) November 15, 2024

Since the lawsuit, Musk has cut back on his Dogecoin-related posts, but he remains widely recognized as “the Dogefather,” a nickname he introduced during a 2021 Saturday Night Live (SNL) appearance. His electric vehicle company, Tesla, still accepts Dogecoin as payment for certain products sold on its online store.

The Dogefather
SNL May 8

— Elon Musk (@elonmusk) April 28, 2021

Public Companies Embrace Dogecoin Treasury Model

This year, a growing number of publicly traded companies have rebranded as crypto treasury firms, securing funds to purchase and hold digital assets. While Dogecoin isn’t as popular as Bitcoin (BTC) or Ether (ETH), it has built a dedicated group of supporters. 

In February, Neptune Digital Assets, based in Vancouver, disclosed the acquisition of 1 million Dogecoin via a strategic derivative transaction, with an average purchase price of $0.37 per token. The company also purchased 20 Bitcoin, further diversifying its crypto asset portfolio. In July, Bit Origin, a company listed on Nasdaq, raised up to $500 million in debt and equity to establish its DOGE treasury. This initiative made it the first publicly traded U.S. company to announce plans to integrate Dogecoin as a key asset on its balance sheet.

We’re excited to announce!

We have acquired ~40.5 million Dogecoin (DOGE) as part of our first treasury acquisition under the $500M capital facility.

Our new origin has begun.https://t.co/D2JQ9ik1sC https://t.co/sCEPstE2QC

— BTOG (Bit Origin) (@BitOriginLtd) July 21, 2025

Dogecoin is currently up by 1%, trading at $0.2159, with a market cap of $32.54 billion, according to CoinMarketCap.