- Lawyer Alex Spiro’s group reportedly aims to establish a $200 million Dogecoin treasury company backed by the House of DOGE.
- The market’s response to the news has been relatively tame.
Elon Musk’s lawyer, Alex Spiro, will reportedly chair an upcoming Dogecoin (DOGE) treasury company. According to Fortune, his group recently pitched a $200 million fundraise to investors for a new public company focused on accumulating the OG meme coin. The House of Doge, a corporate entity linked to the Dogecoin Foundation, will back the new venture.
The official public vehicle of the Dogecoin Foundation aims to give investors stock-market exposure to DOGE without direct ownership of the token. This means they will no longer have to worry about managing, trading, or custodying their cryptocurrency assets.
Details about the matter are scarce at the moment, but the source believes the new DOGE public vehicle will have the same playbook as other successful crypto treasury companies like Strategy (formerly MicroStrategy). Fortune said it got the information from six sources, wherein three of them were pitched directly about the business, while the rest heard about them from parties involved. Two confirmed the amount sought after in the planned fundraise.
How Dogecoin Reacted to the News
Due to Spiro’s strong link to Musk, some crypto community members are throwing in the probability of the American billionaire’s involvement in the project. However, such speculations apparently failed to translate into significant gains for DOGE as the news broke.
It’s possible that Dogecoin investors may be reluctant to bet on the information yet as they await direct confirmation from Musk. The Tesla CEO and X (formerly Twitter) owner has been known for influencing substantial price fluctuations in DOGE.
Even as little as Musk’s mere mention or indirect references to the token on social media or in interviews have positively resonated within the DOGE and broader community. However, the ones that truly kicked off the hype were when he proclaimed the meme coin his “favorite currency” and revealed his plan to allow Tesla EV purchases using the token. Another was when he pitched the Department of Government Efficiency (DOGE) during the last presidential campaign in the US. On the other hand, the lack of considerable price action from DOGE may simply be due to the American billionaire’s waning effect on the digital asset or investor fatigue.
It’s also worth noting that crypto sentiment is currently in a bearish zone based on the latest Crypto Fear & Greed Index reading of 39. This has been its lowest this quarter.
DOGE notably struggled around $0.21 in the last 24 hours as anticipation for the US Securities and Exchange Commission’s (SEC) approval of Dogecoin exchange-traded funds (ETFs) cooled. Investors expect further delays in the regulator’s verdict on these pending investment products until October.
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