Musk’s Lawyer to Chair $200 Million Dogecoin Treasury Proposal

A Dogecoin treasury company could soon take shape, with investors said to be receiving early presentations about a venture focused on holding significant reserves of the token. The plan, reported by Fortune citing anonymous sources, aims to raise at least $200 million. Backing from House of Doge, the official corporate body linked to Dogecoin, gives the effort a formal stamp of support.

Dogecoin’s Leadership Link

What makes the plan notable is the leadership being put in place. Alex Spiro, who serves as Elon Musk’s personal lawyer, is expected to become chairman of the company.

His involvement connects the project to Musk, whose influence has played a major role in Dogecoin’s popularity. Spiro has also represented other high-profile clients, including Jay-Z and Alec Baldwin, reflecting his prominence in the legal field.

At this stage, investors are being pitched the idea privately. While the plan remains in place, the company’s structure and launch date are yet to be confirmed.

Treasuries Become a Crypto Trend

The move to build a Dogecoin treasury follows a wider trend in digital assets. Several Nasdaq-listed firms have already been reshaped into digital asset treasuries, where their primary focus is to accumulate tokens. Companies in this space have built reserves of assets such as Solana, SUI, and Toncoin.

The model follows a broader corporate trend of companies adding digital assets to their balance sheets. The most prominent case is Strategy, which has built the largest Bitcoin treasury.

Data from SaylorTracker shows Strategy holds 632,457 Bitcoin, valued at around $68.56 billion at the time it was recorded. With Strategy maintaining its accumulation, other firms have started to mirror the same approach.

Dogecoin has recently been part of this movement through separate attempts. Back in July, Bit Origin, a company traded under the ticker BTOG, revealed plans to build a major Dogecoin treasury, saying it had lined up as much as $500 million through a mix of equity and debt funding. 

Grayscale, the large digital asset manager, has also been working to bring Dogecoin closer to Wall Street by seeking approval for an exchange-traded fund that would allow investors to gain exposure to the token without holding it directly.

Support and Concerns Around Crypto Treasuries

Backers of digital asset treasuries argue that they create an accessible route for traditional investors to participate in the cryptocurrency market. By purchasing shares in a public company, investors gain exposure to token movements without having to buy or store the assets themselves.

Critics, however, have warned that the model has also created opportunities for questionable practices. They point to signs of insider trading that often appear before companies announce a pivot into crypto, suggesting that information may be used in advance of public disclosure. This has raised concerns over how crypto treasury companies are managed as more of them continue to appear.