Elon Musk’s Lawyer Leads $175 Million Dogecoin Treasury Launch

House of Doge, the commercial arm of the Dogecoin foundation, has partnered with CleanCore Solutions (NYSEAM: ZONE) to establish the first official Dogecoin treasury. This strategic initiative, backed by a $175 million private investment in public equity (PIPE), aims to position Dogecoin as a legitimate reserve asset for institutional investors. The partnership marks a significant step toward mainstream adoption of the meme-inspired cryptocurrency, like Alex Spiro, Elon Musk’s personal attorney, taking a leadership role as chairman of CleanCore’s board of directors.

The collaboration brings together CleanCore, a company known for its innovative aqueous ozone cleaning technology, and House of Doge, which has been working to elevate Dogecoin’s global presence. The treasury will hold Dogecoin (DOGE) as its primary reserve asset, with funds raised through the sale of 175,000,420 pre-funded warrants at $1 each. Over 80 institutional and crypto-native investors, including Pantera, GSR, FalconX, Borderless, Mythos, and MOZAYYX, participated in the PIPE, signaling strong confidence in the initiative. House of Doge and 21Shares, a leading crypto exchange-traded product issuer managing over $12 billion in assets, will advise on the treasury’s allocation, governance, and yield opportunities, ensuring transparency and institutional-grade standards.

A New Era for Dogecoin’s Legitimacy

The establishment of this treasury represents an important milestone for Dogecoin, which has long been associated with its memecoin origins and community enthusiasm. Timothy Stebbing, Dogecoin foundation director and newly appointed CleanCore board member, emphasized the treasury’s role in reshaping perceptions of the cryptocurrency. He noted that the partnership with CleanCore and 21Shares is designed to build a foundation for institutional adoption by creating regulated investment vehicles, such as potential exchange-traded funds (ETFs). This move is expected to enhance Dogecoin’s credibility as a serious currency for payments and tokenization, appealing to both institutional investors and retail users.

CleanCore’s CEO, Clayton Adams, highlighted the company’s commitment to innovation, framing the treasury as a bold step toward disrupting traditional financial strategies. By adopting Dogecoin as its primary reserve asset, CleanCore aims to demonstrate how public companies can integrate digital currencies into their operations. The company plans to explore staking-like rewards and partnerships with major crypto exchanges to enhance DOGE’s utility. This initiative aligns with House of Doge’s mission to develop scalable systems for real-world applications, including financial products and retail integrations.

The involvement of Alex Spiro, a high-profile attorney known for defending Elon Musk in a 2022 Dogecoin-related lawsuit, adds significant legal and institutional credibility to the project. Spiro’s appointment as chairman, alongside House of Doge CEO Marco Margiotta as CleanCore’s chief investment officer and Stebbing as a board member, underscores the partnership’s focus on governance and transparency. The Dogecoin Foundation’s backing further distinguishes this treasury as the only official entity of its kind, setting a precedent for how cryptocurrencies can align with corporate structures.

Dogecoin’s price has remained relatively stable, trading at $0.21 with a 2% daily increase and a remarkable 116% growth over the past year, rising from $0.09 in September 2024. Analysts note that Dogecoin’s ability to hold key support levels, despite $8.11 million in liquidations, suggests resilience amid broader market fluctuations.