Elon Musk's lawyer to chair Dogecoin treasury raising $200 million: Fortune
Quick Take
- Elon Musk’s personal lawyer Alex Spiro is listed as chairman for a Dogecoin DAT aiming to raise $200 million, according to Fortune, which cited anonymous sources.
- In July, Bit Origin (ticker BTOG) said it had secured up to $500 million in equity and debt to launch a corporate Dogecoin treasury.
Elon Musk's personal lawyer Alex Spiro is listed as chairman for a Dogecoin digital asset treasury (DAT) aiming to raise $200 million, according to a report from Fortune on Friday, which cited anonymous sources.
"Investors are receiving pitches for a Dogecoin treasury company that will invest in the token," Fortune reported. The company plans to raise "at least" $200 million, the report also said, adding that when the DAT would launch is unknown.
House of Doge, the organization behind Dogecoin, did not immediately respond for comment. Spiro has also represented celebrity clients Jay-Z and Alec Baldwin, according to Fortune.
DATs have been one of crypto's biggest stories in recent weeks as supporters of certain altcoins have transformed several Nasdaq-listed companies into firms committed to accumulating tokens like Solana, SUI, Toncoin and World Liberty Financial's WLFI governance token.
Dogecoin, or DOGE, was 4% down trading at $0.21 as of 5:46 p.m ET, according to The Block Price Page. The coin, considered the original memecoin by some, has a market cap of $32 billion.
Michael Saylor's Strategy is by far the world's largest DAT with nearly $70 billion worth of Bitcoin. The wave of new DATs first began with companies looking to emulate Strategy's success of adopting a token-accumulation business plan.
In July, Bit Origin (ticker BTOG) said it had secured up to $500 million in equity and debt to launch a corporate Dogecoin treasury.
Grayscale is currently trying to list and trade an exchange-traded fund that tracks Dogecoin.
Musk, the most prominent Dogecoin fan, said that "fiat is hopeless" when asked if the new political party he floated would embrace bitcoin.
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