Alex Spiro, who represents Elon Musk, is set to chair a proposed Dogecoin treasury company. The firm aims to raise at least $200 million and to pursue a public listing. The plans were recently reported by Fortune and presented to investors in private pitches.
The effort is linked to House of Doge, the Dogecoin foundation entity based in Miami that launched in early 2025. The new vehicle would hold Dogecoin and offer a public way for investors to gain exposure to the token. Six people who spoke on background said they had seen or heard about the pitches.
Deal details
Investors told reporters they have seen proposals for a new firm that would build a treasury of Dogecoin and then try to list on public markets.
Six people with knowledge of the private talks described the pitches. Three were shown the plan directly, and the other three heard about it through the parties involved.
Two of the sources said the company aims to raise at least $200 million. The exact legal structure and timing for a public offering were not clear, and these details are still being finalised by the parties arranging the deal.
House of Doge signs on
Three sources said House of Doge, the formal entity tied to the Dogecoin project, has given the plan its blessing. That would make the new company the official treasury vehicle for Dogecoin.
The foundation created House of Doge early in 2025 to promote and develop the memecoin. The group is based in Miami.
Foundations and crypto projects sometimes back treasury firms, and that can help a new vehicle seem more legitimate to the market. The sources said this is the approach being used here.
Musk’s role unclear
It is not known whether Elon Musk will take any role in the company, and requests for comment went unanswered, according to a Fortune spokesperson.
Dogecoin began in 2013 as a meme tied to a Shiba Inu picture and playful text. It does not have a formal utility the way some other tokens do. Its value is linked to how popular it is online.
Over time, Dogecoin has reacted strongly to public comments by Elon Musk. When he mentions the token or the meme, the price often rises soon after. Musk has referenced the meme in public settings, including a well-known TV appearance in 2021.
Legal battles and past defence
Musk’s public mentions of Dogecoin drew legal challenges as investors filed a lawsuit in 2022 claiming his posts changed the market and allowed him to profit.
Alex Spiro served as one of Musk’s lawyers in that case. In August 2024, the court dismissed the suit, and after the decision, Spiro told multiple news outlets, “It is a very good day for Dogecoin.”
The pitch for a Dogecoin treasury company comes amid a broader push by investors to get cryptocurrencies onto corporate balance sheets. Some public companies have added crypto holdings.
One well-known example is the firm formerly called MicroStrategy. Its leader, Michael Saylor, began buying Bitcoin for the company’s treasury in 2020. That approach made the firm a de facto play on Bitcoin for many traders.
Analysts and investors have since watched how public companies and funds use treasury strategies to give shareholders crypto exposure without buying tokens directly.
If the Dogecoin treasury company raises the targeted funds, it could create a new, regulated way for public investors to hold Dogecoin indirectly. That could bring fresh capital to the memecoin. But the plan still faces questions about structure, timing, and who will run key parts of the business.
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