Is Elon Musk Back for Dogecoin as His Lawyer is Set to Chair a $200M DOGE Treasury Company?

According to six sources, an unnamed entity is pitching a Dogecoin treasury company to investors. Fortune reported that three out of the six sources were among the investors who received pitches about the Dogecoin treasury company. However, the other three learned about the initiative from involved parties. 

Notably, the firm plans to raise $200 million to buy and hold Dogecoin as a reserve asset, potentially benefiting from the asset’s price appreciation. Three sources confirmed that the Miami-based Dogecoin corporate entity, House of Doge, supports the initiative. 
Musk’s Lawyer to Chair Venture 
Interestingly, Alex Spiro, Elon Musk’s personal attorney, is expected to serve as the chairman of the $200 million Dogecoin treasury company. Although it is unclear whether Musk is directly involved in the project, Spiro’s participation signals a strong connection to the American businessman and billionaire. 

In the meantime, Spiro, Musk, and House of Doge have yet to release official statements confirming the Dogecoin treasury initiative. 

Launched in 2013, Dogecoin became the first-ever meme coin — a cryptocurrency created as a joke. However, it has gained widespread popularity and even attracted the attention of Musk, whose tweets and public remarks have sparked massive rallies for the token. 

In 2022, several months after DOGE plunged from its May 2021 all-time high, some aggrieved investors accused the billionaire of manipulating the Dogecoin market and making huge gains from his viral posts. 

As in other lawsuits, Spiro served as Musk’s defense attorney in the case and eventually had the case dismissed in 2024. Following the dismissal, Spiro said it was a “good day for Dogecoin.” 
Musk Still Supports Dogecoin 
Since the lawsuit, Musk has reduced his Dogecoin-related posts, but many still refer to him as “the Dogefather,” a title he created in 2021 during a Saturday Night Live (SNL) show. His electric car company, Tesla, continues to accept Dogecoin as payment for select merchandise available on its online store. 

The potential Dogecoin treasury initiative under Spiro’s leadership aligns with the broader trend of public companies incorporating crypto assets into their balance sheets. It first began in 2020 after MicroStrategy (now Strategy) bought and held Bitcoin as a reserve asset. 

Since then, more companies have established similar initiatives for other cryptocurrency assets. Yesterday, Gumi, a gaming company in Japan, announced plans to buy and hold $17 million worth of XRP, starting next month.