According to sources cited by Fortune, Elon Musk’s personal lawyer Alex Spiro is positioned to lead a newly proposed Dogecoin treasury company. The entity is aiming to raise no less than $200 million and eventually pursue a public listing. The move would mark one of the most ambitious attempts to legitimize a memecoin within mainstream finance.
The project has reportedly gained the backing of House of Doge, the corporate body formed in early 2025 by the Dogecoin Foundation. Based in Miami, House of Doge was created to manage development and promotion of the cryptocurrency. With its approval, the treasury initiative is now considered the “official” vehicle for Dogecoin investment. The model mirrors other cryptocurrencies’ efforts to strengthen institutional credibility through structured treasury strategies.
Details about when the company might launch remain unclear. Investors familiar with the discussions say pitches have already been circulated, with Spiro named as chairman. However, Musk’s own role in the new firm is not yet defined.
Musk’s shadow over Dogecoin
Dogecoin’s rare distinction of being the first “memecoin” has linked the token’s success to Musk’s public face for decades. Created in 2013 in a tongue-in-cheek reference to the Shiba Inu meme, the token has no inherent technical purpose other than adoption by the community. Even so, the token’s market has frequently mirrored Musk’s comments, both on TV and his social media outlet X.
These comments have not been without criticism either. In 2022, Musk was alleged to be price-manipulating Dogecoin with public commentary. Investors accused him of making profits by measuring sales using tweets regarding the token. Spiro defended Musk in court and secured dismissal of the lawsuit in 2024. That success in the lawsuit helped cement Spiro’s close relationship with both Musk and the Dogecoin community.
The hypothetical new leadership of the treasury company takes that relationship into mainstream finance. By linking Dogecoin with a publicly traded investment vehicle, Spiro would institutionalize a token that has long been labeled a speculative novelty.
Crypto treasuries gain traction
Dogecoin treasury initiative is in the broader corporate crypto adoption wave. Strategy, formerly MicroStrategy, first imagined the idea of putting Bitcoin in corporate treasuries back in the year 2020. Its aggressive strategies transformed the company into a Bitcoin proxy that lifted its market capitalization into the tens of billions.
Since then, numerous public companies followed suit with purchases of everything from Bitcoin to Solana. More than 180 companies in the year 2025 alone announced buys aggregating more than $130 billion in value. Its supporters argue the strategy subjects venerable investors to indirect exposure to cryptocurrency markets. Critics warn it also subjects them to risks of insider manipulation and speculative bubbles.
With Dogecoin’s high-profile treasury push now underway, markets may soon test whether a meme-born cryptocurrency can replicate the financial alchemy that elevated Bitcoin’s corporate acceptance.
