Elon Musk lawyer to lead $200M Dogecoin fund, Fortune reports

Elon Musk’s lawyer to lead $200M Dogecoin investment fund. The publicly traded company is positioned as a way to gain indirect exposure to DOGE through its shares.

According to Fortune, citing multiple sources, Musk’s longtime attorney Alex Spiro will head a new publicly listed company seeking to raise $200 million to create a Dogecoin treasury.

As reported by VOCAL MEDIA:, Fortune confirmed that six investors have been approached about forming a Dogecoin treasury worth up to $200 million. Spiro, a lawyer at Quinn Emanuel Urquhart & Sullivan, is expected to chair the company.

Alex Spiro represented Musk in the 2021 market manipulation lawsuit over his public statements about DOGE. Musk ultimately won the case in 2024.

Public support for DOGE

Musk’s relationship with Dogecoin has been complex. In 2019, he called DOGE his “favorite cryptocurrency,” which helped boost its popularity. Two years later, during a Saturday Night Live appearance, he labeled Dogecoin a “hustle,” triggering a steep price drop after a hype-driven rally.

Tesla has long accepted Dogecoin as a form of payment, providing crucial support for the memecoin. Tesla currently acknowledges holding DOGE but has not disclosed its exact amount.

Another contender for the Dogecoin treasury is Bit Origin, a Nasdaq-listed company that announced plans in July to raise $500 million to build a DOGE-focused balance sheet, becoming the first public firm to do so.

As we wrote, DOGE news: $700M treasury initiatives spark interest but momentum stays weak.

The announcement of a $200 million Dogecoin treasury represents a major step toward institutionalizing what was once considered just a joke cryptocurrency. For years, DOGE was seen as a lighthearted internet meme with little financial utility. Now, with big names like Elon Musk and his legal counsel Alex Spiro backing it indirectly, it is slowly entering the realm of mainstream finance. Investors are beginning to look at DOGE as more than just a speculative asset, considering its role in shaping a new wave of crypto-related financial products.

Spiro’s leadership is particularly significant because he is not just any corporate lawyer—he is one of the most trusted advisors in Musk’s inner circle. His involvement signals that this initiative is not a side project but rather a strategic move with potential long-term implications. For institutional investors, this kind of credibility can be the difference between participating in a high-risk crypto experiment and taking a serious stake in a growing asset class.

Dogecoin’s journey from meme to legitimate financial instrument has been turbulent but undeniably fascinating. Many critics argue that the coin still lacks the strong fundamentals of other cryptocurrencies like Bitcoin or Ethereum. However, the widespread recognition of DOGE, combined with Musk’s endorsement, continues to make it a unique contender in the digital asset market. The creation of large treasuries could bring much-needed stability to the coin’s valuation.

The involvement of public companies like Bit Origin also demonstrates that Dogecoin is attracting corporate interest beyond Musk’s personal ventures. If multiple firms successfully raise large sums dedicated to DOGE holdings, this could establish a precedent where meme coins are taken seriously on Wall Street. For investors, it represents a new way to diversify portfolios without directly holding volatile cryptocurrencies.

Still, the road ahead is uncertain. Market sentiment toward DOGE has always been heavily influenced by Musk’s public statements, social media activity, and cultural moments. Institutional treasuries could mitigate some of that volatility, but the market will likely remain unpredictable. Investors will need to weigh the risks of a hype-driven asset against the potential for long-term adoption and profitability.

In the bigger picture, Dogecoin’s new treasuries symbolize the merging of internet culture with global finance. What began as a joke in 2013 is now raising hundreds of millions of dollars from serious investors. This reflects not only the growing appetite for alternative assets but also the power of cultural relevance in shaping financial markets. With leaders like Alex Spiro guiding these efforts, DOGE may continue to surprise both critics and supporters alike.