TL;DR
- Italian tax police raid Triestina Calcio, owned by crypto firm House of Doge, for alleged money laundering and fraud.
- The probe focuses on €10M in public funds and ~€40M in transfers from U.S. and Canadian banks.
- Despite large capital injections, the club carries €60M in debt, pointing to questionable financial management.
Italian tax police executed a search operation at the offices of Triestina Calcio, a third-division team controlled by U.S. cryptocurrency company House of Doge. Authorities investigate alleged money laundering, fraudulent accounting, and false invoices.
Agents conducted inspections at the club’s headquarters located in Trieste, a northeastern Italian city, and at the homes of 15 suspects. The Trieste prosecutor’s office leads the investigation, which covers the period between 2022 and 2025.
During these years, Triestina Calcio had three different owners. Atlas Consulting initially controlled the club, followed by LBK Triestina Holdings, a subsidiary of U.S.-based LBK Capital. Since September 2025, House of Doge, the commercial arm of the Dogecoin Foundation, took ownership.
None of the entities involved issued statements about the case. Triestina Calcio, Atlas Consulting, LBK Capital, and House of Doge did not respond to requests for comment.
Public Funds and International Transfers Under Scrutiny
Authorities focus their attention on two main investigation lines, according to sources with direct knowledge of the matter. The first examines 10 million euros in public funding received by the club. Investigators verify the final destination of these government resources.
The second area analyzes approximately 40 million euros that arrived at the club through transfers from American and Canadian banks. Authorities seek to determine the origin of these international funds and their accounting application.
Despite receiving these considerable amounts, Triestina Calcio currently carries a debt of 60 million euros, the two consulted sources confirmed. This contradictory financial situation raises questions about resource management during the different ownership changes.
The investigation marks an unusual case where a cryptocurrency-linked organization faces questioning over operations in the traditional sports world.