Stock linked to Elon Musk's lawyer soars 90% on 1 billion Dogecoin target

CleanCore Solutions (NYSE: ZONE), the firm led by tech tycoon Elon Musk's lawyer Alex Spiro, announced major updates regarding its Dogecoin treasury strategy on Sep. 8.

The company said it has acquired Dogecoin tokens worth approximately $68 million to become the single largest DOGE digital asset treasury (DAT) within a week.

Related: What are meme coins? Explained

In addition, the firm also announced its "first milestone target" to acquire up to 1 billion DOGE within the next 30 days. Over the long term, it plans to accumulate 5% of Dogecoin's circulating supply.

CleanCore Solutions CIO Marco Margiotta said,

“ZONE’s treasury was created to capture the value of Dogecoin’s ability to serve as the people’s currency.”

The efforts are aimed at unlocking real-world use cases for DOGE across payments, tokenization, staking-like products, and global remittances, the statement read.Attorney Alex Spiro during an interview on "The Circuit with Emily Chang" in Miami, Florida, US, on Thursday, March 6, 2025. With clients like Tom Brady, Elon Musk, WeWork founder Adam Neumann, Jay-Z and Alec Baldwin, among many others, Spiro may have reached the pinnacle of his legal career, but is now looking at ventures beyond the courtroom.

The acquisition follows the firm announcing a raise of $175 million in PIPE financing from these investors:

MOZAYYX Pantera GSR FalconX Borderless Mythos

The bullish announcements regarding the meme coin sent the company's stock rallying more than 90% to north of $8 in pre-market hours on Sep. 9.

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Dogecoin also rallied more than 3% in the last 24 hours to hit $0.2413, but it's not the treasury operation alone behind the uptick in the meme coin's price.

As reported earlier, there is speculation within the crypto market that the U.S. could see the launch of the first exchange-traded fund (ETF) tied to Dogecoin as early as this week.

If the ETF goes live, it will be an extraordinary moment for a cryptocurrency that began as a prank on Bitcoin.

This story was originally reported by TheStreet on Sep 9, 2025, where it first appeared in the MARKETS section. Add TheStreet as a Preferred Source by clicking here.

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