Dogecoin rises in value thanks to Elon Musk setting up a treasury company worth 200 million USD.

A new company aimed at raising 200 million USD to specifically hold Dogecoin (DOGE) is being established, with Elon Musk's personal lawyer, Alex Spiro, reportedly set to take on the role of chairman.

The new company, rumored to be named Dogecoin Digital Asset Treasury (DAT), is seeking funding from investors with the goal of raising at least 200 million USD.

It is expected that this company will go public and hold Dogecoin on its balance sheet. This allows investors to access DOGE through shares, rather than owning the token directly.

This initiative is supported by the House of Doge, a legal entity established by the Dogecoin Foundation in early 2025.

The emergence of this Dogecoin treasury fund occurs against the backdrop of a growing trend of many listed companies converting their models to hold cryptocurrency as treasury assets.

Other companies such as Neptune Digital Assets and Bit Origin have also announced similar moves, investing in Dogecoin or building DOGE reserves.

The addition of another organization investing in Dogecoin is expected to increase the attention of American investors towards this memecoin.

Dogecoin is forecasted to potentially receive ETF fund approval this year, with a probability of up to 90%.

The initiative to establish a 200 million USD Dogecoin treasury fund led by Elon Musk's lawyer marks a significant development in the cryptocurrency space, with hopes of boosting the value and acceptance of Dogecoin in the future.