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Elon Musk’s personal attorney, Alex Shapiro, has been listed as the head of a $200 million Dogecoin Digital Asset Treasury (DAT). According to a report by Fortune citing anonymous sources, investors have already begun receiving pitches for this new treasury company, which will invest in Dogecoin. The company aims to raise at least $200 million, though its launch date has not yet been announced.
House of Doge and the DAT Wave in the Industry
The organization behind Dogecoin, House of Doge, did not respond to Fortune’s requests for comment. However, the DAT model has become one of the biggest topics in the crypto space in recent weeks.
Listed companies on Nasdaq have started accumulating crypto assets such as Solana, SUI, Toncoin, and WLFI (World Liberty Financial), accelerating this trend.
Importance of DATs and Dogecoin’s Position
DATs are emerging as a new investment structure that allows corporate firms to accumulate tokens directly. Michael Saylor’s MicroStrategy, with nearly $70 billion in Bitcoin holdings, is currently the world’s largest DAT. Following its success, many companies are now establishing their own digital treasuries using similar strategies.
Price and Recent Developments
DOGE traded at around $0.21, down 4% at the time the news broke. With a market cap of $32 billion, Dogecoin is recognized in the crypto world as the original memecoin.
In July, Bit Origin (BTOG) announced it would provide up to $500 million to launch a corporate Dogecoin treasury.
Meanwhile, Grayscale is attempting to list an exchange-traded fund (ETF) tracking Dogecoin.
Musk’s Approach
When asked whether the political party he plans to establish would adopt Bitcoin, one of Dogecoin’s biggest supporters, Elon Musk, gave a striking reply:
“Fiat is hopeless.”
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