Quick Highlights
- Alex Spiro to lead $200M Dogecoin public treasury.
- Dogecoin price historically linked to Musk’s statements.
- Crypto companies increasingly use public funds for growth.
Elon Musk’s Lawyer to Lead $200M Dogecoin Treasury
Elon Musk’s personal lawyer, Alex Spiro, plans to become the head of a new public company that will establish a Dogecoin treasury worth at least $200 million, according to six sources familiar with the project who spoke to Fortune.
The official corporate entity responsible for Dogecoin’s development, the House of Doge, has approved the creation of the treasury and recognized it as the “official vehicle” for the cryptocurrency.
Founded in early 2025 by the Dogecoin Foundation and headquartered in Miami, the organization is now moving to expand Dogecoin’s corporate presence. Spiro, who represents Musk in lawsuits including one alleging Dogecoin price manipulation, will serve as chairman of the board. Musk’s role in the new structure remains unclear.
What Is Dogecoin and Why It Matters
Created in 2013 as a joke based on the Shiba Inu dog meme, Dogecoin remains the most popular memecoin. Its price has historically been closely tied to statements made by Elon Musk. For instance, after Donald Trump won the 2024 US presidential election, Dogecoin’s price surged sharply.
Investors previously filed a lawsuit against Musk in 2022, accusing him of market manipulation, which Spiro successfully had dismissed.
A Growing Trend in Corporate Crypto Holdings
Spiro’s launch of the Dogecoin treasury reflects a broader trend: companies increasingly raising funds through public entities and holding cryptocurrency in their corporate coffers.
This approach was first pioneered by the company Strategy, which started buying Bitcoin for corporate reserves in 2020, effectively turning its shares into a “Bitcoin proxy.” According to Architect Partners, 184 public companies have announced crypto purchases worth approximately $132 billion since January 2025. These assets include Bitcoin, Ethereum, Solana, and WLFI, which has ties to the Trump family.
Several funds, including Bitwise, Grayscale, 21Shares, and Osprey Fund, are currently awaiting SEC approval to launch Dogecoin-focused funds, further signaling institutional interest in the memecoin market.
