Elon Musk’s lawyer, Alex Spiro, is leading a new company aiming to raise $200 million to invest in Dogecoin. This is a big deal for the meme-coin world.
The Dogecoin Treasury Explained
A new company, aiming to become a publicly traded vehicle for Dogecoin investment, is in the works. It’s hoping to raise at least $200 million to buy Dogecoin. The project is being pitched to investors with the backing of House of Doge, the official Dogecoin Foundation entity. While Spiro, who also represents famous folks like Jay-Z and Alec Baldwin, is listed as chairman, there’s no official word on Musk’s involvement.
Musk’s Dogecoin History
Musk has been a big Dogecoin fan since 2019, even calling it his favorite cryptocurrency. He’s shown his support by creating a Dogecoin-only payment system for Tesla. His tweets about Dogecoin have a huge impact on its price, leading to scrutiny about his influence on the market. In fact, Spiro defended Musk in court in 2022 against investors who accused him of market manipulation.
Currently, Dogecoin is trading around $0.2134, down slightly.
The Rise of Crypto Treasury Firms
Companies that invest in and hold cryptocurrencies are becoming increasingly popular. These firms let investors get exposure to crypto without directly owning it. Another example is Bit Origin, which raised $500 million to build a Dogecoin treasury, becoming the first publicly traded US company to do so.