A Dogecoin treasury company, backed by Elon Musk’s personal lawyer, is set to raise at least $200 million through public markets. House of Doge, the official Dogecoin entity, has signed off on the venture. Alex Spiro, Musk’s attorney, plans to chair the company, although Musk’s involvement remains unclear.

Since 2013, Dogecoin’s value has been tied to Musk’s public comments, causing significant price fluctuations. Musk’s influence led to a lawsuit in 2022, alleging market manipulation. Spiro defended Musk in court, ultimately winning dismissal of the case in August 2024.

Spiro hailed a recent decision as a “very good day for Dogecoin.” The plan to form a Dogecoin treasury company is part of a trend among crypto investors to push for public companies to invest in cryptocurrencies. Strategy, a data analytics firm, started this trend in 2020, leading to a surge in stock price and market capitalization.

Public companies have increasingly announced crypto purchases totaling nearly $132 billion since January. These purchases include Bitcoin, Ethereum, Solana, and the Trump family’s cryptocurrency, WLFI. While crypto treasuries offer exposure to the market, they have raised concerns about potential insider trading and corporate misconduct.

Read more at Yahoo Finance: Elon Musk’s lawyer Alex Spiro set to chair $200 million Dogecoin treasury company, say sources