Dogecoin News Today: Elon Musk’s Lawyer to Build a $200M DOGE Treasury for Broader Adoption

The development of a $200 million Dogecoin (DOGE) treasury vehicle, supported by House of Doge and led by Elon Musk’s attorney Alex Spiro, has introduced renewed attention to the memecoin’s potential for broader institutional adoption and price appreciation. This initiative, currently at the pitch stage, aims to raise public capital to hold DOGE on its balance sheet, offering investors indirect exposure to the token through a stock-traded vehicle rather than direct ownership [1]. House of Doge, the corporate entity formed in early 2025 by the Dogecoin Foundation and based in Miami, is reportedly backing the effort as the “official” Dogecoin treasury vehicle, a move commonly used by other crypto projects to enhance credibility [2].

The emergence of such a treasury structure aligns with a broader trend in the crypto market, where publicly traded companies are increasingly rebranding to hold digital assets on their balance sheets. In July 2025, Bit Origin, a Nasdaq-listed firm, secured up to $500 million in financing to develop a Dogecoin treasury, positioning itself as the first US-traded company to use DOGE as a core asset [1]. Meanwhile, Neptune Digital Assets, based in Vancouver, disclosed in February 2025 that it had acquired 1 million DOGE tokens at an average price of $0.37 per token, further diversifying its crypto holdings [1]. These developments highlight growing institutional interest in Dogecoin, despite its origins as a joke-based cryptocurrency with no inherent utility.

Elon Musk has long been a vocal advocate for Dogecoin, influencing its price movements through social media posts and public appearances. His 2019 remark that DOGE “might be my fav cryptocurrency” propelled the token into the mainstream spotlight, while his 2021 appearance on Saturday Night Live—where he jokingly referred to it as a “hustle”—sparked significant volatility [1]. Musk’s influence over DOGE has been so pronounced that it even led to a lawsuit in 2022, in which investors alleged market manipulation. The case was dismissed in late 2024 with Spiro leading Musk’s defense [2]. Now, as the billionaire’s legal representative, Spiro is poised to chair the newly proposed DOGE treasury company, potentially signaling a more formalized alignment between Musk and the cryptocurrency [1].

The structure of the DOGE treasury vehicle remains undisclosed, including details on its governance, launch timing, and regulatory framework. However, the involvement of a high-profile attorney and the backing of House of Doge suggest that the company is aiming for a degree of legitimacy and transparency. This could be a pivotal factor in attracting institutional capital to a cryptocurrency that, while culturally significant, has yet to achieve widespread adoption beyond its community-driven appeal [1].

As the broader market continues to explore novel ways to integrate crypto assets into traditional financial structures, the proposed Dogecoin treasury may serve as a model for other memecoins seeking to expand their institutional footprint. Whether this effort translates into a significant price breakout for DOGE will depend not only on the success of fundraising and market conditions but also on regulatory acceptance and broader investor sentiment toward meme-based cryptocurrencies.

Source:

[1] Elton Musk's lawyer to chair $200M Dogecoin treasury (https://cointelegraph.com/news/elon-musk-s-lawyer-to-chair-200m-dogecoin-treasury-fortune-reports)

[2] Elton Musk's lawyer Alex Spiro set to chair $200 million ... (https://finance.yahoo.com/news/elon-musk-lawyer-alex-spiro-202216063.html)