Elon Musk, the billionaire tech mogul, is once again making headlines through his inner circle. His personal lawyer, Alex Spiro, is listed as chairman of a new Dogecoin digital asset treasury (DAT) aiming to raise at least $200 million, Fortune reported on Friday, citing anonymous sources.
According to a report by Fortune, investors are already receiving pitches for the Dogecoin treasury company, which plans to invest directly in the token. However, the exact timeline for the launch remains unclear. The House of Doge, the organization tied to the memecoin Dogecoin, has not yet commented on this.
Spiro, known for representing celebrity clients like Jay-Z and Alec Baldwin, is now stepping into crypto leadership. His involvement adds weight to Dogecoin’s growing push into mainstream finance.
DATs, or digital asset treasuries, have become one of the hottest trends in crypto. Several Nasdaq-listed firms have recently transformed into token-accumulating companies, backing assets such as Solana, SUI, Toncoin, and World Liberty Financial’s WLFI governance token.
Dogecoin Market Update
As of writing, Dogecoin was down 2%, trading at $0.2761 with a market cap of $32.81 billion, according to CoinMarketCap. Despite the dip, the memecoin still enjoys huge community support.
The biggest DAT to date is Michael Saylor’s Strategy, holding nearly $70 billion worth of Bitcoin. Inspired by this model, Bit Origin also announced plans in July to build a corporate Dogecoin treasury with $500 million in funding.
Musk, Dogecoin’s most famous supporter, recently said that “fiat is hopeless,” reinforcing his belief in digital assets.
Also Read: Musk Says Fiat Hopeless; His America Party Supports Bitcoin
