Elon Musk’s personal attorney, Alex Shapiro, has been revealed as the chairman of a Dogecoin digital asset treasury (DAT), according to a report from Fortune which relied on unnamed sources. The DAT aims to accumulate a whopping $200 million in funds to support its operations.
Investing in Dogecoin via a Treasury
Fortune’s sources detailed that prospective investors are being approached with proposals to invest in this treasury company that will make strategic investments in Dogecoin, the popular cryptocurrency. The treasury has set a minimum goal of procuring $200 million, but the exact launch timeline of the DAT remains uncertain.
Dogecoin and the House of Doge
The organization spearheading the Dogecoin cryptocurrency, House of Doge, did not respond immediately when approached for a comment regarding this development. Shapiro, who is also known for representing high-profile celebrity clients like Jay-Z and Alec Baldwin, is at the helm of this new venture.
Rise of DATs in the Crypto Market
Digital asset treasuries have been key talking points in crypto circles of late. Advocates of various altcoins have successfully turned multiple Nasdaq-listed companies into those dedicated to acquiring tokens such as Solana, SUI, Toncoin, and World Liberty Financial’s WLFI governance token. The landscape appears ripe for the launch of the Dogecoin-based DAT, therefore.
Dogecoin Market Performance
Dogecoin, commonly called DOGE, was seen to have dropped by 4%, trading at $0.21 at the time of the report. Despite this, DOGE remains popular and commands a significant market capitalization of $32 billion. The coin, sometimes referred to as the ‘original memecoin’, continues to attract interest despite its price volatility.
Huge Impact of The DAT Industry
The most sizeable DAT till date has been the one led by Michael Saylor’s Strategy. It holds nearly $70 billion worth of Bitcoin, making it the largest DAT in the world. This has spurred other companies to adopt similar token-accumulation business models, hoping to replicate Saylor’s success.
Big Players Investing in Dogecoin
In mid-2021, the firm Bit Origin announced that it had secured up to $500 million in both equity and debt. This funding was sought in order to establish their corporate Dogecoin Treasury. Similarly, Grayscale, a reputable name in the crypto world, is in the process of getting approval to launch and trade an Exchange Traded Fund (ETF) that is designed to track the price movements of Dogecoin.
Support from Elon Musk
Elon Musk, CEO of both Tesla and SpaceX, has been open about his support for Dogecoin. When asked about the possibility of a newly formed political party embracing cryptocurrency, he proclaimed that traditional fiat currency is ‘hopeless’.
Please keep in mind that this article serves informational purposes only and is not meant as investment, financial, legal, or any other form of advice. The world of finance, traditional or otherwise, is riddled with risks. Please exercise caution when making any investment decisions.
Please also note that the Block, the principalinvestor information on the Dogecoin DAT, is an independent media outlet that provides research, news, and data. As of November 2023, Foresight Ventures is a primary investor in the Block. Foresight Ventures has made investments in other organizations operating within the cryptocurrency space. Crypto exchange Bitget is also an anchor LP for Foresight Ventures.
