Dogecoin News Today: Elon Musk’s Lawyer Leads $175M Dogecoin Push as Institutional Gold Rush Intensifies

CleanCore Solutions (NYSE: ZONE) has announced a $175,000,420 private placement to establish the first official Dogecoin (DOGE) treasury, backed by the Dogecoin Foundation and the House of Doge. The transaction, consisting of 175,000,420 pre-funded warrants priced at $1.00 each, is set to close on September 4, 2025. The investment is supported by over 80 institutional and crypto-native investors, including Pantera, GSR, FalconX, and Borderless [4].

Alex Spiro, known for representing high-profile clients such as Elon Musk and Jay-Z, has been named Chairman of the Board of Directors of CleanCore. Timothy Stebbing, a Director at the Dogecoin Foundation and CTO of House of Doge, will also join the board. Marco Margiotta, CEO of the House of Doge, will serve as CleanCore's Chief Investment Officer [4].

The private placement is expected to facilitate CleanCore’s adoption of Dogecoin as its primary treasury reserve asset. The company plans to use the net proceeds to acquire Dogecoin and advance a strategy to institutionalize the cryptocurrency. The investment is part of a broader effort to enhance Dogecoin's utility in financial and commercial contexts, including staking-like rewards and integration with payment providers [4].

The development aligns with a growing trend of companies adopting Dogecoin as part of their balance sheet strategies. In February 2025, Neptune Digital Assets acquired 1 million Dogecoin through a derivative purchase. In July, Bit Origin, a Nasdaq-listed company, revealed plans to raise up to $500 million to build a Dogecoin treasury [2]. Tesla, chaired by Elon Musk, has also confirmed Dogecoin holdings, although the exact amount remains undisclosed [2].

The House of Doge, formed in early 2025 by the Dogecoin Foundation, has emerged as a central figure in institutionalizing Dogecoin. It has been instrumental in promoting the cryptocurrency as a serious asset for financial and commercial use. The foundation’s collaboration with CleanCore represents a strategic step toward broadening Dogecoin's utility and acceptance [4].

Clayton Adams, CEO of CleanCore, emphasized the significance of the transaction, calling it a watershed moment for both the company and the Dogecoin community. The company aims to leverage Dogecoin's potential for growth through commercialization, new integrations, and increasing retail acceptance. Discussions with major crypto exchanges are underway to introduce staking-like rewards and yield opportunities for Dogecoin treasury holdings, which could further enhance the value proposition for investors [4].

The transaction has also attracted legal and advisory support from firms such as Seward & Kissel LLP and Bevilacqua PLLC. Maxim Group LLC and Curvature Securities LLC served as co-placement agents, while Lucosky Brookman LLP acted as counsel to the placement agents [4]. The strategic alignment between CleanCore, the Dogecoin Foundation, and the House of Doge highlights the growing institutional interest in Dogecoin as a viable financial asset.

Source: [1] $200M Dogecoin treasury firm names Elon Musk's lawyer (https://www.mitrade.com/insights/news/live-news/article-3-1082364-20250830) [2] Dogecoin rallies as Elon Musk's lawyer prepares $200M (https://finance.yahoo.com/news/dogecoin-rallies-elon-musk-lawyer-180220916.html) [3] Elon Musk's Lawyer to Chair $200M Dogecoin Investment (https://finance.yahoo.com/news/elon-musk-lawyer-chair-200m-111400191.html) [4] CleanCore Raises $175,000,420 To Establish Official Dogecoin Treasury (https://finance.yahoo.com/news/cleancore-raises-175-000-420-162006165.html)