Elon Musk’s longtime lawyer Alex Spiro has been appointed chairman of the new Dogecoin (Doge) Digital Asset Treasury (DAT), which is looking to raise at least $200 million, according to a Fortune Report on Friday, which quotes people familiar with the issue.
The initiative, currently being marketed to investors, creates public companies designed to accumulate Dogecoin on their balance sheets. Investors are looking closely at whether the initiative can serve as a catalyst for Dogecoin’s price rise.
Celebrity Lawyer Meme Coin Treasury Effort
Spiro, a partner at Quinn Emanuel Urquhart & Sullivan, has been identified in investor materials as planning chairman for the new entity. He represents Musk in many well-known cases and has previously worked with celebrity clients such as Jay-Z and Alec Baldwin.
Supported by the House of Doge, the Doge project launched in early 2025 is being sold as the next major driving force behind mainstream Dogacoin adoption. While aiming to raise $200 million, Doge Treasury has yet to disclose details about its launch date or strategy.
Meanwhile, Dogecoin traded at $0.214 on Friday, down 4.8% over the past 24 hours. That price represents a drop of about 52% from its one-year high of $0.446.
Dogecoin ranges from mid-March, fluctuating between $0.15 and $0.25.
Doge Treasury Firms appears, but suffers from performance
The rise of the token-centric corporate finance ministry became one of the biggest cryptographic phenomena in 2025. Several NASDAQ registered companies have rebranded or shifted their business models to accumulate cryptocurrencies such as Solana, Sui, Toncoin, and World Liberty Financial’s WLFI Governance Token.
Michael Saylor’s micro-tactics remain the most prominent DAT, with Bitcoin Holdings at nearly $70 billion. This model encouraged other companies to follow suit.
Dogcoin-specific efforts are beginning to emerge. In July 2025, Bit Origin, registered with NASDAQ, announced that it had secured up to $500 million in equity and debt financing to launch the company Dogecoin Treasury.
Earlier in the year, Vancouver-based Neptune Digital Assets acquired 1 million Dogecoin through strategic derivative purchases averaged $0.37 per token, along with 20 bitcoins to diversify its portfolio.
However, these companies’ share performance has remained weak so far. Bit Origin stock (BTOG) rose to a $1 peak on July 18th, but fell to $0.39 by the end of August 29th.
Neptune Digital Assets (Ticker NDA) is listed on the TSX Venture Exchange in Canada and is traded internationally via OTC (Ticker NPPTF) and Xetra Exchange in Frankfurt (Ticker 1NW).
The company’s Canadian registered stock (NDA•CVE) peaked at $2.78 earlier this year. However, prices have fallen by about 62% since February.
Quiet “father” musk stays away from the doji
Elon Musk, often referred to as the “Dogefather” by his supporters, has long been associated with Dogecoin. His public comments have historically driven the price of tokens.
However, recently he has not issued any significant statements about Dogecoin itself. Instead, he continues to outline his vision of converting X into a super app with integrated payments.
Investors are looking closely. Many hope that Dogecoin can play a role in those future plans.
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