Dogecoin News Today: Elon Musk’s Lawyer Joins Push to Turn Dogecoin Into Institutional Asset

House of Doge has announced plans to launch a $200 million treasury initiative aimed at elevating Dogecoin’s (DOGE) institutional credibility, according to reports. The initiative, which is being structured as a public company, is expected to hold Dogecoin on its balance sheet, offering investors indirect exposure to the token through traditional stock markets. This move is being positioned as a Dogecoin treasury vehicle with the backing of House of Doge, a corporate entity founded in 2025 by the Dogecoin Foundation and based in Miami. The planned entity is currently in the pitch stage, with details on its structure or timing yet to be disclosed [1].

Elon Musk’s lawyer, Alex Spiro, has been named as the chairman of the proposed entity, adding a high-profile legal and corporate presence to the initiative. Spiro, a partner at Quinn Emanuel Urquhart and Sullivan, has represented prominent clients including Musk, Jay-Z, and Alec Baldwin. His involvement is seen as a strategic move to lend credibility to the project, particularly in the wake of past legal challenges involving Musk and Dogecoin. In 2022, Spiro led the defense in a case where Musk was accused of manipulating the Dogecoin market, which was later dismissed in late 2024 [1].

The emergence of Dogecoin treasury vehicles is part of a broader trend in the crypto space where publicly traded companies are rebranding as crypto-focused entities. In July, Nasdaq-listed Bit Origin announced it had secured $500 million in funding to build its own Dogecoin treasury, making it the first US-traded company to explicitly plan for Dogecoin as a core balance sheet asset. Earlier this year, Neptune Digital Assets also expanded its crypto holdings by acquiring 1 million Dogecoin at an average price of $0.37 per token [1].

This trend is creating a new narrative for Dogecoin, moving it from its origins as a memecoin into the realm of institutional-grade digital assets. Analysts suggest that the success of these treasury vehicles could create a significant demand for Dogecoin, similar to the impact seen when MicroStrategy began accumulating Bitcoin in 2020. If both the House of Doge and Bit Origin initiatives move forward as planned, they could inject upwards of $700 million into the Dogecoin ecosystem, potentially influencing the token’s price trajectory [2].

While Dogecoin currently trades around $0.21, analysts note that key resistance levels exist near $0.236, with support sitting near $0.20. A successful treasury launch, or the approval of a proposed Grayscale Dogecoin ETF, could catalyze a price move toward $0.25 and beyond. In the longer term, continued institutional adoption could position Dogecoin as a legitimate store of value, potentially pushing its price toward $1 in future market cycles [2].

The development marks a shift in how Dogecoin is perceived, moving beyond social media-driven volatility toward structured investment strategies. With institutional-grade investment vehicles and corporate support, Dogecoin is increasingly being viewed as a digital asset with real-world financial applications. If these trends continue, the token may see increased legitimacy and broader adoption in mainstream financial markets [2].

Source:

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

[2] Dogecoin Price Prediction: Is a $700M Treasury About to Send Doge to $1? (https://cryptoticker.io/en/dogecoin-price-prediction-is-a-dollar700m-treasury-about-to-send-doge-to-dollar1/)