Elon Musk's Lawyer Chairs $200 Million Doge Fund

Elon Musk’s longtime lawyer Alex Spiro has been appointed president of a new Dogecoin (Doge) digital asset fund that is looking to raise at least $200 million, according to a Fortune report on Friday, citing people familiar with the matter.

The initiative, which is currently being pitched to investors, would create a publicly traded company designed to accumulate Dogecoin on its balance sheet. Investors are closely watching to see if the initiative could be a catalyst for Dogecoin ’s price surge.

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Spiro, a partner at Quinn Emanuel Urquhart & Sullivan, was identified in the investment documents as the intended chairman of the new entity. He has represented Musk in numerous high-profile cases and has previously worked with celebrity clients such as Jay-Z and Alec Baldwin.

The Doge Project, backed by the House of Doge and launching in early 2025, is being touted as the next big push for widespread Dogecoin adoption. Despite aiming to raise $200 million, the Doge Foundation has yet to reveal details about its launch date or strategy.

Meanwhile, Dogecoin was trading at $0.214 on Friday, down 4.8% over the previous 24 hours. This price represents a drop of about 52% from its one-year high of $0.446.

Dogecoin has remained in a range since mid-March, fluctuating between $0.15 and $0.25.

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The rise of Token focused digital asset funds has become one of the biggest crypto phenomena of 2025. Several Nasdaq-listed companies have rebranded or transformed their business models to accumulate cryptocurrencies such as Solana, Sui, Toncoin , and World Liberty Financial’s WLFI Governance Token .

Michael Saylor’s MicroStrategy remains the most prominent DAT fund, with nearly $70 billion in Bitcoin. The model has inspired other companies to follow suit.

Specific Dogecoin efforts are starting to emerge. In July 2025, Nasdaq-listed Bit Origin announced that it had secured up to $500 million in Capital and debt funding to launch an enterprise Dogecoin fund.

Earlier this year, Vancouver-based Neptune Digital Assets purchased 1 million Dogecoin through a strategic Derivative transaction at an Medium price of $0.37 per Token, along with 20 Bitcoin to diversify its portfolio.

However, the stock performance of these companies has been weak so far. Bit Origin (BTOG) shares rose to a peak of $1 on July 18 but fell to $0.39 by the end of the day on August 29.

Neptune Digital Assets (ticker NDA) is listed on Canada's TSX Venture Exchange, and also trades internationally over-the-counter (ticker NPPTF) and Frankfurt's Xetra exchange (ticker 1NW).

The company's Canadian-listed shares ( NDA • CVE) peaked at $2.78 CAD earlier this year. But since February, the price has fallen about 62%.

'Dogefather' Musk is silent, keeping his distance from Doge

Elon Musk, often referred to as the “Dogefather” by his fans, has long been associated with Dogecoin. His public statements often move the Token ’s price. However, he has not had any major comments about Dogecoin recently. Instead, he has continued to outline his vision of turning X into a super app with integrated payments.

Investors are watching closely, with many expecting Dogecoin to play a Vai in those future plans.