Elon Musk's Lawyer Joins Push to Legitimize Dogecoin

House of Doge has partnered with CleanCore Solutions, a company listed on the New York Stock Exchange under the ticker ZONE, to establish the “official” Dogecoin digital asset treasury. The initiative is backed by a $175 million private placement offering, which includes participation from over 80 institutional and crypto-native investors such as MOZAYYX, Pantera, GSR, FalconX, Borderless, Mythos, and Serrur & Co. LLC. The offering involves the sale of 175,004,200 Pre-Funded Warrants at $1.00 each, aimed at funding the acquisition and management of Dogecoin [1].

The new Dogecoin Asset Treasury (DAT) is structured as a strategic step toward institutional adoption of the cryptocurrency. House of Doge, described as “the official corporate arm of the Dogecoin Foundation,” will collaborate with 21Shares, an ETF issuer, to oversee the treasury’s operations. Timothy Stebbing, a director of the Dogecoin Foundation, emphasized that the initiative is a foundational move to legitimize Dogecoin as a serious currency beyond its meme-inspired origins [1].

Elon Musk’s personal lawyer, Alex Spiro, has been appointed as the Chairman of the Board of Directors at the new DAT, signaling high-profile support from the crypto community. The initiative also aligns with broader trends in the altcoin space, where institutional investors are increasingly forming digital asset treasuries to accumulate tokens such as Solana, SUI, Toncoin, and World Liberty Financial's WLFI governance token [1].

In a related development, CleanCore Solutions announced that it has already acquired 285,420,000 DOGE, valued at approximately $68 million, as part of the newly launched Dogecoin treasury. This acquisition is part of a broader strategy to secure 5% of the circulating supply over time. The company aims to accumulate 1 billion DOGE within 30 days, setting a clear short-term target for its token-buying program [2].

The strategic partnership between House of Doge and CleanCore Solutions marks a significant shift in how altcoins are being positioned for institutional adoption. This move could potentially accelerate the development of exchange-traded funds (ETFs) for Dogecoin. Grayscale, for instance, is currently seeking to list and trade an ETF that tracks the cryptocurrency, further indicating the growing interest among traditional financial players [1].

The development comes at a time of heightened interest in digital assets, particularly those with strong community support and high-profile endorsements. The Dogecoin Foundation and its allies are positioning themselves to lead the next phase of institutional adoption in the crypto space. The involvement of 21Shares and major institutional investors underscores the seriousness with which Dogecoin is being treated by the broader financial ecosystem [1].

Source:

[1] CleanCore Solutions and House of Doge launch 'official' Dogecoin digital asset treasury with $175 million offering (https://www.theblock.co/post/369086/cleancore-solutions-and-house-of-doge-launch-official-dogecoin-treasury-with-175-million-offering)

[2] CleanCore acquires 285M DOGE worth $68M, initiating its Dogecoin treasury (https://cryptobriefing.com/cleancore-solutions-doge-treasury/)