Elon Musk’s lawyer tapped to front a DOGE Treasury

Elon Musk’s go-to courtroom closer, Alex Spiro, is being lined up to chair a new public company that wants to raise $200 million to buy and hold Dogecoin. The pitch, making the rounds with investors, frames the vehicle as a straight-up DOGE treasury backed by House of Doge, the corporate arm spun up by the Dogecoin Foundation earlier this year out of Miami. Structure and timing? Not disclosed. Translation: it’s still in marketing mode, but the intent is very real.

The model is simple and familiar: list a company, raise capital, put DOGE on the balance sheet, and give traditional equity investors stock-market exposure to Dogecoin without forcing them to self-custody a memecoin. It’s the same basic trick Bitcoin maximalists perfected—only this time with a coin that started as a joke and became a cultural commodity. 

Why Spiro matters 

Spiro is a Quinn Emanuel partner with a Rolodex built on celebrity risk: Musk, Jay-Z, Alec Baldwin, and more. He also helped slam the door on that long-running Dogecoin manipulation suit against Musk that ended in dismissal in August 2024—a useful credential if you’re trying to sell institutions on the idea that DOGE exposure can live inside a regulated public company without becoming a litigation piñata. 

The “House of Doge” angle

If you’re wondering whether House of Doge is just a meme with a letterhead, the group has already announced an “Official Dogecoin Reserve” and says it’s the corporate arm of the Dogecoin Foundation—again, based in Miami—and kicked things off with an initial 10 million DOGE buy to grease payments experiments. That makes an endorsed Dogecoin treasury vehicle feel less like cosplay and more like a deliberate ecosystem-capital strategy. 

DOGE treasuries are suddenly a thing

This isn’t a one-off. In February 2025, Vancouver’s Neptune Digital Assets disclosed a 1,000,000 DOGE acquisition (via derivatives) at $0.37 each, alongside buying 20 BTC—a small but notable corporate pivot into DOGE. And in July 2025, Bit Origin said it secured up to $500 million in equity and debt specifically to build a DOGE treasury; by late July it had already amassed ~40.5M DOGE at an average of ~$0.2466. That’s a trend line, not a blip. 

Dogecoin is down to $0.21 after last week’s crypto dip, source: BNC

The Musk variable you can’t ignore

Musk’s 2019 tweet—“Dogecoin might be my fav cryptocurrency. It’s pretty cool.”—is crypto lore at this point, and his 2021 SNL gag calling DOGE a “hustle” still lives rent-free in traders’ heads. His posts move markets; that’s not myth, that’s data. Meanwhile Tesla started accepting Dogecoin for merch in January 2022, maintains a DOGE support page today, and Musk has said Tesla holds some DOGE (size undisclosed). If you’re building a DOGE proxy for public markets, having Musk’s lawyer front and center is absolutely part of the sell.

What this really is (and isn’t)

Think of a DOGE treasury company as a closed-end DOGE exposure machine. Investors don’t get coins; they get shares in a vehicle that buys coins. That can trade at a premium or discount to the underlying depending on hype, liquidity, and how the cap table gets managed. The bullish gloss: it institutionalizes a consumer-grade memecoin, wraps it in GAAP/IFRS reporting, and puts custody behind professional controls—catnip for family offices that want exposure without hot-wallet anxiety.

The bear case:

• Inflationary supply is a feature for payments but a headwind for a “treasury” narrative if the thesis quietly shifts from utility to number go up.
  
• Governance matters: treasuries can dilute, lever up, or drift from mandate; investors should demand transparent NAV reporting, audited holdings, and strict issuance rules.
  
• Reg-disclosure risk: a public DOGE accumulator will live under a brighter SEC/market-surveillance light than anonymous whales do. That’s healthy—but it removes the “it’s just a meme” shield.
  

If the Spiro-chaired vehicle lists and raises anything close to $200M, you’ll have a clean equity ticker that maps to DOGE beta and Musk-adjacent optionality. In other words: MicroStrategy-lite for the Doge economy. If it stalls, expect more of these to pop up anyway—because the trade has product-market fit: equities people want crypto exposure, crypto people want public-market liquidity. Either way, the House of Doge is laying rails so corporate balance sheets can carry DOGE with fewer excuses.