Elon Musk’s lawyer Alex Spiro will be chairing a new public company aimed at raising $200 million in investments in Dogecoin, according to a Fortune Report, which cites six people familiar with the deal.
The initiative was launched by the Dogecoin Foundation in early 2025 and was pitched to investors as Dogecoin (Doge) financial vehicles, a Miami-based business company, and reported on Friday.
The company is seeking to raise at least $200 million as a public vehicle holding dogcoins on its balance sheet, giving investors stock market exposure to tokens without direct ownership.
This effort is in the pitch stage, and details of its structure or timing of launch have not been revealed yet.
Quinn Emmanuel Arquhart, who represents well-known clients such as Elon Musk, Jay-Z and Alec Baldwin, and Sullivan’s partner Spiro has been appointed in investor materials and conversations as the company’s planned chair.
https://www.youtube.com/watch?v=ly-sjgrakrs
Related: Dogecoin whales remove risk as Doge Price is at risk of reducing 45%
Dogecoin Treasury companies are growing
This year, publicly traded companies are rebranding as cryptocurrency companies and raising funds to purchase and hold digital assets on their balance sheets. Dogecoin (Doge), a Memecoin created in 2013, is far less widely adopted than Bitcoin (BTC) and Ether (ETH), but it portrays several dedicated supporters.
In February 2025, Vancouver-based Neptune Digital Assets disclosed the acquisition of 1 million Dogecoin via strategic derivative purchases, which averaged $0.37 per token, adding it to the growing crypto stock. He also bought 20 Bitcoins to strengthen his diversified asset strategy.
In July, NASDAQ-registered company Bit Origin announced that it had secured up to $500 million in debt and equity funding to build Doge Treasury. The move has made DogeCoin the first US trading company openly planned to become a core balance sheet asset.
Musk’s Electric Company’s Tesla also discloses Dogecoin Holdings, but has never specified a position size. The company began accepting Doge for its selection of products in early 2022.
Musk has a long history with Dogecoin. In 2019, he posted that Dogecoin “may be my favorite cryptocurrency.”
In May 2021, Mask was hosted Saturday Night Live Jokingly calling Dogecoin the “hustles,” he plunged the price sharply after weeks of hype that helped drive the coin to its record high.
His posts on Memecoin were market-driven events, with investors and regulators scrutinizing his impact.
In 2022 he was sued by investors who allegedly manipulated the Dogecoin market. The incident was dismissed in late 2024, with Alex Spiro leading the defense.
Magazine: 5 Actual Use Cases for Unhelpful Memokines
