Institutional Dogecoin: Alex Spiro to Lead Public Company for $200M Treasury

In a notable development for the digital asset market, Alex Spiro, personal attorney to Elon Musk, is set to chair a new public company tasked with establishing a Dogecoin treasury valued at a minimum of $200 million. This initiative marks a significant step towards institutionalizing the popular memecoin, traditionally known for its community-driven nature.

• A new public company, chaired by Alex Spiro (Elon Musk’s personal attorney), will establish a Dogecoin treasury.
• The treasury is mandated to hold a minimum of $200 million in Dogecoin.
• The initiative has been officially approved by House of Doge, the corporate division of the Dogecoin Foundation.
• While Spiro’s leadership is confirmed, Elon Musk’s specific involvement in the new structure remains undisclosed.
• Spiro has a direct history in the cryptocurrency domain, having successfully defended Musk against a Dogecoin market manipulation lawsuit.

Leadership and the New Dogecoin Entity

The Dogecoin Foundation’s corporate division, House of Doge, has officially approved the creation of this new public entity and its substantial Dogecoin treasury. While Spiro’s leadership as chairman of the board is confirmed, the specific involvement of Elon Musk within the new structure remains undisclosed, according to sources familiar with the project details.

Spiro’s professional background includes successfully defending Musk against a 2022 investor lawsuit alleging Dogecoin market manipulation, highlighting his direct experience and influence within the cryptocurrency domain.

Dogecoin’s Market Context and Dynamics

Dogecoin, originally created in 2013 as a meme-inspired digital asset, has evolved into the leading memecoin by market capitalization. Its market price is notably sensitive to high-profile commentary, with a reported surge following Donald Trump’s victory in the 2024 U.S. presidential election, underscoring its unique market dynamics.

Broader Corporate Cryptocurrency Adoption Trends

This strategic move aligns with a broader trend of cryptocurrency companies leveraging public structures for capital management. MicroStrategy notably pioneered this approach in 2020 by actively accumulating Bitcoin for its corporate treasury, effectively transforming its stock into a ‘Bitcoin proxy’.

The scale of this trend is significant across the digital asset sector. Architect Partners reports that since January 2025, 184 public companies have announced cryptocurrency purchases totaling approximately $132 billion. These investments span various assets, including Bitcoin, Ethereum, Solana, and even WLFI, a token reportedly linked to the Trump family.

Towards Further Institutionalization: Dogecoin ETFs

Further solidifying Dogecoin’s market integration, several prominent investment firms, including Bitwise, Grayscale, 21Shares, and Osprey Fund, are currently awaiting U.S. Securities and Exchange Commission (SEC) approval for spot Dogecoin exchange-traded funds (ETFs).