Dogecoin News Today: Elon Musk's Lawyer Leads Push to Turn Dogecoin into a Stock Market Proxy

A new $200 million Dogecoin (DOGE) treasury initiative has entered the spotlight, with Elon Musk’s attorney, Alex Spiro, set to chair the proposed public company. The initiative, backed by House of Doge—a corporate entity launched in early 2025 by the Dogecoin Foundation and based in Miami—is being pitched to investors as a Dogecoin treasury vehicle, offering stock-market exposure to the token without direct ownership. The company plans to raise at least $200 million, with details on its structure and timeline remaining undisclosed. The initiative is part of a broader trend where publicly traded companies are rebranding as crypto treasury entities to hold digital assets on their balance sheets.

House of Doge has reportedly endorsed the project as the “official” Dogecoin treasury initiative, a move that aligns with strategies used by other cryptocurrency foundations to enhance legitimacy and market credibility. The corporate entity is tasked with promoting the Dogecoin brand, which has become increasingly tied to public figures like Musk. The lawyer, known for representing high-profile clients including Jay-Z and Alec Baldwin, has also defended Musk in legal matters, including a 2022 lawsuit alleging market manipulation related to Dogecoin, which was dismissed in late 2024.

Dogecoin, the original memecoin created in 2013, has long been influenced by Musk’s public remarks. His endorsement in 2019 and subsequent appearances, including on Saturday Night Live in 2021, have historically triggered significant price swings. Musk has also incorporated the meme into his business ventures, naming his government reform initiative “Department of Government Efficiency (DOGE)”. Despite lacking inherent utility, Dogecoin has drawn a dedicated following, with some investors viewing it as a speculative asset rather than a traditional store of value.

The broader crypto treasury trend has seen over 184 public companies announce crypto-related purchases since January, collectively amassing nearly $132 billion in digital assets, according to data from Architect Partners. This strategy was first popularized by MicroStrategy, now known as Strategy, when its founder, Michael Saylor, began buying Bitcoin in 2020. The company’s stock soon became seen as a proxy for Bitcoin exposure, helping it achieve a peak market capitalization of around $96 billion.

Tesla, Musk’s electric vehicle company, has also disclosed Dogecoin holdings, though it has never disclosed the exact amount. The firm began accepting DOGE for select merchandise in 2022. Meanwhile, other public companies have taken similar steps, with Bit Origin recently announcing up to $500 million in financing to build a Dogecoin-focused treasury. These developments underscore the growing intersection between traditional finance and the crypto market, where digital assets are increasingly viewed as strategic balance sheet additions.