New Businesses Quietly Prepare to Pour 200 Million USD into Dogecoin – Is Elon Musk Involved?

A new plan to buy a large quantity of Dogecoin is being prepared, according to sources cited by Fortune from those familiar with the matter. The initial goal of this initiative is to raise about 200 million USD to purchase DOGE directly on the open market. Who is Behind the Plan? Attorney Alex Spiro, who represents billionaire Elon Musk, is expected to take on the role of chairman of the proposed (public company). However, so far, neither Spiro nor the related organizations have made official statements confirming details, and the official launch date of the company has yet to be revealed. The source also reported that this plan has received support from the House of Doge, a business entity associated with the Dogecoin Foundation. If this support is formalized, the initiative will fall within the governance framework and long-term direction of the Dogecoin community. At the same time, this is also a step towards turning DOGE into an asset on the company's balance sheet, rather than just viewing it as a short-term speculation. Compared to Previous Precedents This model is considered similar to the strategies that some large enterprises in the cryptocurrency market have adopted. MicroStrategy ( has now changed its name to Strategy) and currently holds 632.457 BTC, becoming the company with the largest amount of Bitcoin in the world, according to data from Bitcoin Treasuries. In Asia, the Japanese company Metaplanet has also added Bitcoin to its balance sheet, becoming the only Asian business in the top 10 companies holding the most BTC. These precedents show that Dogecoin can definitely enter the "corporate treasury playbook" (, even though its price history and use case have many differences compared to Bitcoin. The Questions That Remain What is currently the least clear is Elon Musk's actual role in this new company. In the past, Musk's public statements about Dogecoin have caused significant market fluctuations, leading to much controversy and lawsuits related to price manipulation allegations — which Musk denies. Therefore, any buyback program needs to be designed with transparent regulations, clear governance mechanisms, and risk control to avoid being seen as speculative behavior or excessive promotion. Challenges in Implementation If this company really goes ahead with buying hundreds of millions of USD worth of DOGE, they will face many significant challenges: Liquidity: How to buy a large volume of DOGE without causing too much market volatility. Listing & Reporting Standards: Meet public information disclosure and auditing requirements like other listed companies. Custody & Auditing: Ensure the processes of management, security, and monitoring of digital assets. Meaning for the Market In the context of an increasing number of companies incorporating digital assets into their financial portfolios, this move could become an important experiment: Can Dogecoin — often regarded as a "meme coin" — evolve into a sustainable treasury asset or will it remain merely a vehicle for short-term speculation?