Elon Musk's Lawyer, Alex Spiro, Leads $200M Dogecoin Treasury Move

Elon Musk's lawyer, Alex Spiro, is heading a Dogecoin treasury company, CleanCore Solutions, which has raised $175 million in a private placement. The Dogecoin meme cryptocurrency has been backed by Musk, and Spiro has worked on several cases for the Tesla CEO. CleanCore plans to use the funds to acquire Dogecoin and contribute it to its treasury operations.

Elon Musk's lawyer, Alex Spiro, is spearheading CleanCore Solutions in its ambitious $175 million Dogecoin treasury initiative. The move, announced on September 2, 2025, involves a private placement that will fund the acquisition of Dogecoin (DOGE) as the company's primary reserve asset. The treasury strategy is designed to anchor Dogecoin with an official foundation-backed approach, setting a precedent for public companies aligning with foundations to build real utility around digital currency.

CleanCore Solutions, Inc. (NYSE American: ZONE) has secured $175 million through a private placement, partnering with the Dogecoin Foundation to establish the first official Dogecoin Treasury. The funding will be used to purchase Dogecoin, with the treasury expected to serve as a reserve asset for the company [1].

The partnership includes key executives from the Dogecoin Foundation and House of Doge taking on executive roles at CleanCore. Timothy Stebbing, Director at the Dogecoin Foundation and CTO of House of Doge, will join CleanCore's board, and Marco Margiotta, CEO of House of Doge, will serve as Chief Investment Officer. Alex Spiro, known for his work with Elon Musk, will become the Chairman of CleanCore's board of directors [1].

The treasury strategy is expected to accelerate institutional participation and drive stronger demand for Dogecoin. CleanCore's CEO, Clayton Adams, stated that the partnership is a watershed moment for both companies and the broader Dogecoin community [1]. The treasury strategy is part of a broader initiative to establish Dogecoin as a leading cryptocurrency optimized for payments, tokenization, and everyday use.

The private placement was conducted in reliance on an exemption from the registration requirement of the Securities Act of 1933, as amended, pursuant to Section 4(a)(2) of the Securities Act and/or Regulation D promulgated thereunder [1]. The securities offered in the private placement may not be offered or sold in the United States except pursuant to an effective registration statement or an applicable exemption from the registration requirement of the Securities Act and such applicable state securities laws [1].

The announcement sparked a significant sell-off of CleanCore's shares, with the stock trading from $6.86 to $2.69 in early sessions, a near 60% intraday drop and about 54% down from Friday’s close at the time of reporting. Despite the drop, ZONE is up about 145% since the start of the year [2].

The Dogecoin Foundation's commercial arm, House of Doge, and financial institution 21Shares will advise the treasury moving forward. "This is the first foundation-backed treasury strategy for Dogecoin, and it’s designed to do more than just hold DOGE," said Marco Margiotta, CEO of House of Doge and newly appointed CIO of CleanCore [2].

References:
[1] https://www.globenewswire.com/news-release/2025/09/02/3142711/0/en/House-of-Doge-the-Commercial-Arm-of-the-Dogecoin-Foundation-Partners-with-CleanCore-Solutions-NYSEAM-ZONE-to-Establish-the-Official-Dogecoin-Treasury-Through-175-000-420-Private-Pl.html
[2] https://finance.yahoo.com/news/elon-musks-lawyer-lead-official-204013914.html