Dogecoin News Today: Elon Musk's Lawyer to Lead Public Dogecoin Play for $200M in Crypto Confidence

Alex Spiro, a high-profile attorney who has represented Elon Musk and other celebrities, is set to serve as chairman of a newly proposed public company designed to raise $200 million in Dogecoin (DOGE) treasury investments. The initiative, still in the pitch stage, is backed by House of Doge , the official corporate entity launched in early 2025 by the Dogecoin Foundation. According to multiple sources, House of Doge has endorsed the new entity as the "official" Dogecoin vehicle, a strategy similar to how treasury companies have operated with other cryptocurrencies to enhance legitimacy and market confidence.

The company aims to function as a public vehicle that holds Dogecoin on its balance sheet, providing investors with indirect exposure to the token via stock market investments rather than direct cryptocurrency ownership. While the structure and timing of the launch remain undisclosed, the firm has begun reaching out to potential investors with the pitch. Alex Spiro, a partner at Quinn Emanuel Urquhart and Sullivan, has been identified as the intended chairman in investor materials and internal discussions, though the exact involvement of Musk remains unclear at this stage [1].

Dogecoin, initially launched in 2013 and often referred to as the original “memecoin,” has seen its value closely tied to public sentiment and social media commentary, particularly from influential figures like Musk. His posts, including a 2019 comment that labeled Dogecoin as his favorite cryptocurrency and a 2021 appearance on Saturday Night Live where he jokingly referred to it as a “hustle,” have historically caused significant price swings. These fluctuations have drawn scrutiny from investors and regulators, especially after a 2022 lawsuit accused Musk of market manipulation. Spiro successfully defended Musk in the case, which was dismissed in late 2024 [2].

The broader trend of public companies investing in digital assets has gained momentum in 2025. Inspired by the pioneering example of Strategy, a firm that began accumulating Bitcoin in 2020 and later achieved a market capitalization of nearly $96 billion, more than 184 publicly traded firms have announced crypto purchases totaling close to $132 billion since the start of the year. These purchases span various cryptocurrencies, including Ethereum , Solana , and the Trump family’s WLFI token. Among them, Vancouver-based Neptune Digital Assets acquired 1 million Dogecoin via a derivative purchase in February 2025, and Nasdaq-listed Bit Origin secured $500 million in funding to build a Dogecoin-focused treasury, becoming the first U.S.-listed company to do so [3].

Tesla, while not disclosing the size of its Dogecoin holdings, began accepting DOGE for merchandise purchases in 2022. This aligns with Musk’s long-standing interest in the token, including its use in the launch of his government efficiency initiative, named DOGE. Despite its lack of intrinsic utility, Dogecoin’s market appeal and cultural resonance have made it an attractive asset for investment vehicles seeking to tap into growing crypto enthusiasm. However, the rise of crypto treasuries has also raised concerns about potential corporate misconduct, with allegations of insider trading emerging in the wake of major rebranding announcements [1].

As the Dogecoin treasury market continues to evolve, the involvement of high-profile legal representation and institutional backing may influence investor confidence and market dynamics. Nonetheless, the ultimate success of the new venture will depend on broader market conditions and the evolving regulatory landscape surrounding digital assets.

Source: