Elon Musk's Legal Advisor Expected to Oversee Dogecoin's $200 Million Fortune, According to News Outlets

In a significant development for the cryptocurrency market, a new public company is planning to raise $200 million to establish an official Dogecoin treasury. The company, CleanCore Solutions, Inc., has secured $175 million in funding and has appointed Alex Spiro, Elon Musk's personal lawyer, as its chairman.

The announcement was made last month by Thumzup Media Corporation, which revealed that it had acquired Dogecoin and Litecoin mining firm Dogehash in a $50 million all-stock deal. This move by Thumzup Media Corporation is reportedly part of CleanCore Solutions' strategy to create a Dogecoin treasury.

The news is in line with a growing trend where listed companies are creating "digital asset treasuries" to give traditional investors exposure to cryptocurrencies. The new company plans to invest in Dogecoin's native token DOGE and offer staking-like rewards through major crypto exchanges.

House of Doge, Dogecoin's official corporate entity, has already signed off on the treasury play. The Nasdaq-listed Bit Origin, which holds approximately 70 million DOGE, valued at close to $17 million, is also reportedly involved in the initiative.

Interestingly, Alex Spiro, who is leading the new company, is listed on the cap table of Thumzup Media Corporation. Donald Trump Jr. is also listed on the cap table of Thumzup Media Corporation.

The new company is now pitching the treasury to investors, aiming to raise the remaining $25 million to complete the funding. The funds will be used to acquire Dogecoin as the primary reserve asset for the treasury.

This move is expected to have a significant impact on the Dogecoin market, potentially increasing its value and attracting more investors. The establishment of a Dogecoin treasury by a publicly-traded company could also encourage other companies to follow suit, further boosting the cryptocurrency's popularity.

The development comes at a time when the cryptocurrency market is showing signs of recovery after a prolonged bearish phase. The price of Dogecoin has been relatively stable in recent months, trading around 0.07 US dollars. However, with the announcement of CleanCore Solutions' plans, there is a possibility of a price surge for Dogecoin in the near future.

As the details of the deal unfold, investors and cryptocurrency enthusiasts alike are eagerly waiting to see how this new development will shape the future of Dogecoin and the broader cryptocurrency market.

Elon Musk's Legal Advisor Expected to Oversee Dogecoin's $200 Million Fortune, According to News Outlets