Dogecoin News Today: "Elon Musk’s Lawyer Steers Dogecoin Into Mainstream Finance"

Elon Musk’s attorney, Alex Spiro, has been named chairman of a $200 million Dogecoin treasury company backed by House of Doge , a corporate entity launched in early 2025 to support the popular memecoin’s development. The initiative, still in the pitch stage, aims to create a public vehicle for holding Dogecoin on its balance sheet, offering investors exposure to the token through traditional stock market mechanisms. The structure and launch timeline of the public offering have not yet been disclosed.

According to multiple sources, House of Doge has signed off on the initiative as the “official” Dogecoin vehicle, following a common trend in the crypto space where corporate entities align with treasury companies to boost legitimacy and adoption. The company, based in Miami, was established by the Dogecoin Foundation to formalize and promote the development of the memecoin. Investors are being approached directly, with at least $200 million in funding targeted for the new entity.

Spiro, a partner at Quinn Emanuel Urquhart and Sullivan, has long represented high-profile clients, including Musk, Jay-Z, and Alec Baldwin. His involvement in the new venture marks a continuation of his relationship with Musk, who has been a vocal supporter of Dogecoin for years. In 2024, Spiro successfully defended Musk in a lawsuit accusing him of manipulating Dogecoin prices through social media posts, a case that was ultimately dismissed.

Dogecoin, created in 2013 as a joke-based cryptocurrency inspired by a Shiba Inu meme, has grown into a widely recognized digital asset with a market capitalization exceeding $32 billion. Its value is often influenced by Musk’s public statements, which have historically driven sharp price fluctuations. The new treasury company is seen as an effort to institutionalize this relationship and bring Dogecoin further into mainstream finance.

The concept of crypto treasuries has gained traction in 2025, with 184 publicly traded companies announcing combined purchases of cryptocurrencies worth $132 billion, according to data from Architect Partners. Companies like Strategy Inc., formerly MicroStrategy, have pioneered the approach by investing heavily in Bitcoin and using their stock as a proxy for the asset. This model has led to significant valuation growth and inspired others to follow suit.

While proponents argue that Dogecoin treasuries offer traditional investors a low-risk way to gain exposure to the volatile crypto market, critics warn of potential regulatory scrutiny and the risk of market manipulation. The initiative remains unconfirmed, with House of Doge declining to comment, and Musk’s potential role in the new entity unclear.