Musk Atty Spiro's Latest Gig: Cleaning Fluid Co.'s Crypto Pivot
Law360 (September 3, 2025, 4:49 PM EDT) -- Quinn Emanuel Urquhart & Sullivan partner Alex Spiro is set to chair the board of directors for a cleaning product company pivoting to a crypto strategy as it builds a $175 million treasury of Dogecoin, a crypto token favored by Spiro's client Elon Musk.
CleanCore Solutions, which trades under the ticker ZONE, announced Tuesday that it had entered into agreements to raise the sum as it pivots to a Dogecoin treasury strategy. The deal, which is structured as private investment in public equity with over 80 backers, will make Dogecoin the company's primary treasury reserve asset, CleanCore said.
The meme-themed token is known for its Shiba Inu mascot, but executives from the Dogecoin Foundation, which is dedicated to growing the crypto project, and its corporate entity, House of Doge, said in statements that they're hoping the deal will pave the way for institutional adoption of the memecoin.
Dogecoin Foundation Director and Chief Technology Officer Timothy Stebbing will join CleanCore's board alongside Spiro, and House of Doge CEO Marco Margiotta will join the company as chief investment officer, according to the announcement. Their involvement makes CleanCore's treasury the only to be "officially" backed by the project's developers.
Crypto fund issuer 21Shares is also advising the treasury. The offering is expected to close on Sept. 4, subject to closing conditions.
"By laying the groundwork for institutions through treasury and [exchange-traded funds] with 21Shares we are building underlying legitimacy as a serious currency beyond Dogecoin's meme-inspired origins," said Stebbing. "This is critical to pave the way for real institutional adoption, as Main Street must feel confident investing in commercial integration for payments."
A "utility-led strategy is underway" to position Dogecoin as a tool for "payments, tokenization, and everyday use," the announcement said.
Seward & Kissel LLP advised House of Doge, while Bevilacqua PLLC served as counsel to CleanCore.
House of Doge's Margiotta said in a statement that the deal sets a "precedent for how public companies can align with foundations to build real utility around digital currency, while honoring the community."
The Dogecoin community includes Musk, whom Spiro has represented during disputes related to the mogul's acquisition of social media site Twitter, now X. Musk's Tesla owns Dogecoin and accepts the token as payment.
Musk does not appear to be involved in the deal. Spiro did not immediately respond to a request for comment.
CleanCore joins a wave of public firms strategically adding digital assets to their corporate coffers. While many have taken to stockpiling bitcoin, treasury companies focused on other digital assets have also emerged.
The firm's operational business is focused on cleaning and disinfectants, but the adoption of a Dogecoin treasury creates a "forward-looking reserve strategy while proving how public companies can embrace bold change," said CleanCore CEO Clayton Adams in a statement.
A Bevilacqua PLLC team served as counsel to CleanCore.
A Seward & Kissel LLP team served as counsel to House of Doge.
A Lucosky Brookman LLP team served as counsel to the placement agents.