By Key Points
- Elon Musk’s personal attorney, Alex Spiro, to chair a $200M Dogecoin Treasury firm
- The publicly traded company will hold DOGE on its balance sheet
- Dogecoin is currently down 52% from its one-year high of $0.446
- Token-focused treasury firms are growing fast, but returns remain weak
Elon Musk’s longtime attorney, Alex Spiro, has been named chairman of a $200 million Dogecoin Treasury company, according to a recent Fortune report. The company is designed to accumulate Dogecoin (DOGE) as a primary asset and will be publicly traded.
Elon Musk’s lawyer Alex Spiro set to chair $200 million Dogecoin treasury – Fortunehttps://t.co/Jgkl5gWZgN
— Dogecoin (@dogecoin) August 29, 2025
This marks one of the most high-profile moves yet to bring institutional weight to the Dogecoin ecosystem. The initiative is currently being pitched to investors and could become a major push toward mainstream DOGE adoption.
The Dogecoin Treasury project is backed by House of Doge, a group of investors positioning DOGE as more than just a meme coin. The treasury aims to raise a minimum of $200 million, although no specific timeline for its launch or operational details has been released so far.
Dogecoin performance over the three months
High-Profile Legal Brain Behind Dogecoin Treasury
Alex Spiro is no stranger to the limelight. He’s represented celebrities like Jay-Z and Alec Baldwin, and most notably, he’s been a key legal figure for Elon Musk during multiple high-stakes lawsuits. Now, he’s stepping into the world of crypto as chairman of this major Dogecoin Treasury initiative.
The plan is to create a publicly traded digital asset treasury (DAT), modeled in part after MicroStrategy’s Bitcoin strategy, that will buy and hold DOGE on its balance sheet. This is part of a wider trend where public firms pivot toward crypto-focused balance sheets.
🚨 HUGE: House of Doge signs off on a $200M $DOGE Treasury which would be chaired by Musk lawyer, Alex Spiro.
Musk’s involvement is unclear. pic.twitter.com/IrEth41Zst
— Cointelegraph (@Cointelegraph) August 30, 2025
Currently, Dogecoin is trading at $0.214, which is down about 52% from its one-year high of $0.446. Despite this price drop, DOGE has remained one of the most discussed assets in the crypto space, thanks largely to its viral appeal and association with Musk.
However, even with strong name recognition, other Dogecoin Treasury attempts haven’t yet generated strong investor returns.
Treasury Firms Focus on Crypto But Struggle With Results
2025 has seen a massive uptick in token-focused treasury models. Several Nasdaq-listed companies have shifted their strategies to accumulate specific crypto assets. These include Solana, SUI, and Toncoin, alongside emerging assets like WLFI, which saw attention during the DOLO price crash.
Elon Musk’s lawyer Alex Spiro is set to chair a $200M #Dogecoin treasury.
The Dogefather is back. pic.twitter.com/RVm7COVoIi
— dogegod (@_dogegod_) August 30, 2025
Michael Saylor’s MicroStrategy remains the poster child for crypto treasuries, with nearly $70 billion in Bitcoin holdings. Its success has inspired companies like Bit Origin and Neptune Digital Assets to try similar moves, but with different tokens, like Dogecoin.
In July 2025, Bit Origin revealed plans to raise $500 million through a mix of equity and debt to fund its Dogecoin Treasury. But the performance has been disappointing. Bit Origin’s stock surged to $1 on July 18, only to fall to $0.39 by August 29.
Bit Origin stock performance over the past year / Source: Google Finance – Techtoken
Likewise, Neptune Digital Assets announced the purchase of 1 million DOGE at an average of $0.37 and also acquired 20 BTC to balance their treasury. Despite the diversification, Neptune’s stock has dropped 62% since February.
These examples highlight the volatile performance of Dogecoin Treasury models, which often struggle due to market conditions and a lack of clarity around long-term strategies.
And while Solana remains a favorite among DEX users, trader activity on Solana DEXs has recently dropped, hinting at larger concerns in the altcoin ecosystem.
Will Dogecoin Treasury Become Musk’s Secret Weapon?
Interestingly, Elon Musk, often dubbed the “Dogefather”, has stayed mostly quiet on Dogecoin in recent months. In 2025, his public focus has shifted toward transforming X (formerly Twitter) into a full-scale super app, with payment integrations likely on the horizon.
While Musk hasn’t directly commented on the new Dogecoin Treasury, the appointment of his trusted legal advisor, Alex Spiro, is raising speculation. Some believe that this could be an indirect step toward integrating DOGE into Musk’s broader digital payment vision.
Even amid a relatively quiet DOGE price movement, the coin has been range-bound between $0.15 and $0.25 since March; the possibility of inclusion in Musk’s fintech projects is enough to keep investor interest alive.
Meanwhile, the broader crypto market is showing mixed signals. As $15B in Bitcoin and Ethereum options expire, investors remain cautious about near-term volatility across all assets.
Also, on-chain data shows that Chainlink exchange reserves are shifting, possibly indicating changes in whale sentiment, which could ripple across the market, including assets like DOGE.
As more Dogecoin Treasury companies enter the scene, the big question remains: can institutional DOGE holdings actually drive long-term price growth, or will they follow the same flat trajectory we’ve seen so far?
For now, the appointment of Spiro and the $200 million fundraising target offer a new storyline, and one that could reshape Dogecoin’s future.
What is your reaction?
