Elon Musk’s New Venture with Dogecoin
Elon Musk’s attorney, Alex Spiro, is set to lead a new public company focused on raising $200 million for Dogecoin investments, as reported by Fortune, citing sources familiar with the situation.
This initiative, launched by the Dogecoin Foundation in early 2025, is being presented to investors as a Dogecoin (Doge) financial vehicle, under the auspices of House of Doge, a Miami-based corporate entity. The objective is to create a public platform that holds Dogecoins on its balance sheet, providing investors with stock market access to tokens without requiring them to own them directly.
Currently, the venture is in its pitch phase, and specific details regarding its structure and launch timing are still under wraps.
Quinn Emmanuel Arquhart, who has represented high-profile clients such as Elon Musk and Jay-Z, has been appointed as the planned chair of the company, according to investor communications.
Emergence of Dogecoin Treasury Companies
This year has seen publicly traded companies rebranding themselves as cryptocurrency enterprises, gathering funds to buy and retain digital assets. Although Dogecoin, a memecoin created in 2013, isn’t as widely used as Bitcoin or Ethereum, it does have a loyal fanbase.
In a February 2025 disclosure, Vancouver-based Neptune Digital Assets announced it had acquired 1 million Dogecoins through strategic derivative purchases, at an average cost of $0.37 per token, contributing to its expanding crypto portfolio. They also purchased 20 Bitcoins to diversify their assets.
In July, NASDAQ-listed Bit Origin announced it had secured up to $500 million in debt and equity to develop a Doge Treasury, making it the first U.S. trading company to publicly plan for Dogecoin as a core asset.
Furthermore, Tesla has disclosed it holds Dogecoin, although the exact amount hasn’t been revealed. The company started accepting Doge for some of its products in early 2022.
Musk’s relationship with Dogecoin dates back a few years. In 2019, he described Dogecoin as possibly his favorite cryptocurrency. His appearance on *Saturday Night Live* in May 2021, where he jokingly referred to Dogecoin as a “hustle,” caused the coin’s price to plummet after an initial surge in excitement.
His social media activity related to the memecoin has often triggered market fluctuations, drawing scrutiny from both investors and regulators. In 2022, he faced a lawsuit from investors who claimed he manipulated the Dogecoin market, but the case was dismissed in late 2024, with Spiro leading the defense.
