Elon Musk’s go-to lawyer is heading a Dogecoin treasury

• CleanCore Solutions announced its move for a Dogecoin treasury led by Elon Musk's attorney.
• High-profile attorney Alex Spiro will become the chairman of the firm's board of directors.
• The Dogecoin meme cryptocurrency has long been backed by Musk.

A Nebraska-based cleaning products firm announced a nearly $200 million move to build what's being billed as the only "official" Dogecoin treasury company — and Elon Musk's go-to attorney is heading up the effort.

CleanCore Solutions on Tuesday issued a public statement naming Musk's longtime personal attorney, Alex Spiro, as the chairman of its board of directors.

The Dogecoin meme cryptocurrency has long been backed by Musk. Spiro, a partner at the New York office of Quinn Emanuel Urquhart & Sullivan, did not immediately respond to a request for comment on Wednesday.

Spiro has helped Musk defeat a defamation lawsuit and worked on several other cases for the Tesla CEO. The famed litigator has also represented actor Alec Baldwin, rap star Jay-Z, New England Patriots owner Robert Kraft, and New York City Mayor Eric Adams.

CleanCore said it was establishing the Dogecoin treasury through a $175,000,420 private placement. The firm said it entered into securities purchase agreements for a private investment in public equity for the offer and sale of 175,000,420 pre-funded warrants at a price $1 each.

"The transaction creates the only official Dogecoin treasury sponsored by the Dogecoin Foundation and the House of Doge, the authorized Commercial Arm of the Dogecoin Foundation," CleanCore said.

It added that the transaction consisted of a group of over 80 investors including, MOZAYYX, Pantera, GSR, FalconX, Borderless, Mythos and Serrur & Co. LLC. The deal is slated to close on Thursday, according to CleanCore.

CleanCore said it "intends to use the net proceeds of the offering to acquire Dogecoin commonly referred to as 'DOGE' and contribute the DOGE to the Company's treasury operations." Dogecoin, it said, will serve as the company's primary treasury reserve asset.

"By anchoring Dogecoin with an official foundation-backed treasury strategy, we're setting a precedent for how public companies can align with foundations to build real utility around digital currency, while honoring the community," House of Doge CEO Marco Margiotta said in a statement.

Margiotta, who will be joining CleanCore as its chief investment officer continued, "With CleanCore we're creating a vehicle that we expect to unlock tremendous potential for a digital asset born from a grassroots movement that made Dogecoin and this moment possible."

Crypto treasury companies — firms that aggressively buy crypto and are often seen as a proxy for investing in the cryptocurrency itself — have been having a moment since legal rules around companies holding crypto have been relaxed.

CleanCore's Dogecoin treasury, though, is one of the first of its kind. Most crypto treasuries hoard large amounts of bitcoin, ethereum, and other more widely adopted coins.

Dogecoin, meanwhile, has performed poorly this year, with its price dropping 30.6% year-to-date despite a broader rally among crypto assets.

Investors were rattled shortly after CleanCore announced the treasury.

On Tuesday, CleanCore stock plummeted 52.9% from its closing price on Friday. Shares, though, are still up 152.2% year-to-date, thanks to a meteoric rally in August after the company said it cleared $1 million in sales for the first time in its fourth quarter.