Elon Musk's Lawyer to Lead Dogecoin Treasury Fundraise

According to a report by Fortune, Elon Musk's personal attorney, Alex Shapiro, will chair a new initiative aimed at raising $200 million for a Dogecoin digital asset treasury (DAT). Investors are being approached with proposals for this treasury, which will focus on investing in Dogecoin. Although the timeline for the launch of this DAT remains unclear, it highlights the growing trend of digital asset treasuries in the cryptocurrency market. House of Doge, the organization behind Dogecoin, has not yet commented on the matter. Shapiro, who has also represented prominent figures such as Jay-Z and Alec Baldwin, is joining this initiative as interest in altcoin investment strategies grows. Recently, DATs have become a significant trend in cryptocurrency, with various companies transforming into entities focused on accumulating tokens like Solana and Toncoin. Dogecoin itself, often referred to as the first memecoin, was trading at $0.21, down 4%, and currently has a market capitalization of $32 billion. Michael Saylor's firm leads in this space with nearly $70 billion in Bitcoin. Meanwhile, Bit Origin has announced plans to establish a Dogecoin treasury with financial backing of up to $500 million. Furthermore, Grayscale is working on launching an exchange-traded fund (ETF) that tracks Dogecoin. Elon Musk, a known advocate for Dogecoin, expressed skepticism about fiat currencies, emphasizing his preference for cryptocurrencies. Disclaimer: The Block is a separate media entity providing news and data unbiasedly. As of November 2023, Foresight Ventures is a lead investor in The Block, which remains independently operated to deliver timely and reliable information about the cryptocurrency industry.