Elon Musk’s Lawyer Leading Effort to Transform Dogecoin into Stock Market Proxy

A new effort involving a $200 million Dogecoin treasury initiative has recently gained attention, with Alex Spiro, attorney to Elon Musk, set to oversee this endeavor, presenting it as a public company offering exposure to the token through the stock market. The initiative, known as House of Doge, has the backing of the Dogecoin Foundation and was established in Miami in early 2025. This initiative aims to act as a Dogecoin treasury entity, allowing investors to have indirect access to the token without direct ownership. While the specifics regarding the structure and timeline of this initiative have not been divulged, it is a part of a larger movement where publicly traded companies are transitioning into crypto treasury entities to maintain digital assets on their balance sheets.

House of Doge has expressed its support for this endeavor to establish itself as the official Dogecoin treasury initiative, a strategy utilized by various cryptocurrency foundations to solidify credibility and authenticity in the market. This corporate entity is devoted to promoting the Dogecoin brand, which has experienced an increasing association with influential individuals such as Musk. Spiro, a lawyer renowned for his representation of high-profile clients including Jay-Z and Alec Baldwin, has previously defended Musk in legal issues, including a lawsuit in 2022 which accused Musk of market manipulation in connection to Dogecoin. The case was eventually dismissed in late 2024.

Dogecoin, renowned as the original meme-based cryptocurrency founded in 2013, has consistently been swayed by Musk’s public statements. Musk’s endorsement in 2019, as well as subsequent appearances such as on Saturday Night Live in 2021, has historically led to significant fluctuations in the cryptocurrency’s price. Musk has integrated the meme into his business ventures, giving his government reform initiative the moniker “Department of Government Efficiency (DOGE).” Despite its lack of inherent utility, Dogecoin has garnered a devoted following, with some investors viewing it more as a speculative asset rather than a conventional store of value.

The trend of crypto treasuries among public companies has seen over 184 such companies announce crypto-related acquisitions since the beginning of the year, accumulating a total of nearly $132 billion in digital assets, as per data from Architect Partners. This trend was popularized by MicroStrategy, now known as Strategy, when its founder, Michael Saylor, began purchasing Bitcoin in 2020, using the company’s stock as a means for investors to gain exposure to the cryptocurrency, ultimately leading to a peak market capitalization of approximately $96 billion. Tesla, Musk’s electric vehicle company, has also made known its holdings in Dogecoin, although the exact amount remains undisclosed. The company began accepting DOGE as payment for certain goods in 2022. Additionally, other public companies have taken similar actions, with Bit Origin recently announcing up to $500 million in funding to build a Dogecoin-centric treasury. These developments underscore the growing convergence between traditional financial systems and the crypto market, wherein digital assets are increasingly regarded as strategic balance sheet additions.