Elon Musk’s longtime attorney Alex Spiro has been named chairman of a new Dogecoin (DOGE) digital asset treasury (DAT) seeking to raise at least $200 million, according to a Fortune report on Friday that cited people familiar with the matter.
The initiative, currently being pitched to investors, would create a publicly traded company designed to accumulate Dogecoin on its balance sheet. Investors are closely watching whether the initiative could act as a catalyst for Dogecoin’s price appreciation.
Celebrity Lawyer’s Meme Coin Treasury Effort
Spiro, a partner at Quinn Emanuel Urquhart & Sullivan, has been identified in investor materials as the planned chairman of the new entity. He has represented Musk in numerous high-profile cases and previously worked with celebrity clients such as Jay-Z and Alec Baldwin.
The Doge project, backed by House of Doge and launched in early 2025, is being marketed as the next major push for mainstream Dogecoin adoption. While aiming to raise $200 million, the Doge treasury has yet to disclose details about its launch date or strategy.
Meanwhile, Dogecoin traded at $0.214 on Friday, down 4.8% over the prior 24 hours. That price represents a decline of roughly 52% from the one-year high of $0.446.
Dogecoin has remained range-bound since mid-March, fluctuating between $0.15 and $0.25.
Doge Treasury Firms Emerge, But Struggle With Performance
The rise of token-focused corporate treasuries has become one of the biggest crypto phenomenon in 2025. Several Nasdaq-listed firms have rebranded or shifted their business models to accumulate cryptocurrencies such as Solana, SUI, Toncoin, and World Liberty Financial’s WLFI governance token.
Michael Saylor’s MicroStrategy remains the most prominent DAT, with nearly $70 billion in Bitcoin holdings. The model has inspired other companies to follow suit.
Dogecoin-specific efforts are beginning to emerge. In July 2025, Nasdaq-listed Bit Origin announced it had secured up to $500 million in equity and debt financing to launch a corporate Dogecoin treasury.
Earlier in the year, Vancouver-based Neptune Digital Assets acquired 1 million Dogecoin through a strategic derivative purchase at an average of $0.37 per token, along with 20 Bitcoin to diversify its portfolio.
However, the share performance of these companies has so far remained weak. Bit Origin’s stock (BTOG) climbed to a peak of $1 on July 18 but had fallen to $0.39 by the close on August 29.
Neptune Digital Assets (ticker NDA) lists on Canada’s TSX Venture Exchange, and also trades internationally via OTC (ticker NPPTF) and Frankfurt’s Xetra exchange (ticker 1NW).
The company’s Canadian-listed shares (NDA • CVE) reached a peak of C$2.78 earlier this year. But since February, the price fell around 62%.
Quiet ‘Dogefather’ Musk Keeps Distance From Doge
Elon Musk, often referred to by supporters as the “Dogefather,” has long been associated with Dogecoin. His public remarks have historically moved the token’s price.
Recently, however, he has made no significant statements about Dogecoin itself. Instead, he continues to outline his vision of transforming X into a super app with integrated payments.
Investors are watching closely, with many expecting Dogecoin could play a role in those future plans.
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