- Shuttle Pharmaceutical Holdings agreed to acquire United Dogecoin Inc. in a merger backed by $11 million in private financing.
- The combined firm plans to deploy 3,000 mining rigs within 60 days to capture 1.5% of global Dogecoin mining capacity.
- Dogecoin (DOGE) has risen roughly 12% over the past week, outpacing major cryptocurrencies like Bitcoin.
In a move blending pharmaceuticals with crypto-mining, Nasdaq-listed Shuttle Pharmaceutical Holdings agreed to acquire private miner United Dogecoin Inc. Consequently, the merger will create the first publicly traded company focused on mining the popular meme coin. The deal is backed by $11 million in concurrent PIPE financing.
The combined entity intends to rapidly deploy 3,000 ElphaPex mining rigs. This operation aims to achieve a hash rate of 43,200 GH/s, representing about 1.5% of the global Dogecoin mining network. “The completion of this transaction will give investors exposure to Dogecoin via our dual-pronged strategy of mining Dogecoin with highly efficient, cost-effective rigs and holding mined Dogecoin on our balance sheet to build long-term asset value,” said United Dogecoin CEO Ryan Trasolini.
Board member Andrew Kiguel drew parallels to Bitcoin mining’s early institutional phase. “We believe that while the opportunity for incredible upside in new Bitcoin miners has passed, Dogecoin mining is in its infancy, and United Dogecoin is well positioned to be a leader in the space,” Kiguel stated.
Meanwhile, Shuttle’s (SHPH) stock price briefly spiked after the announcement, according to data from Yahoo Finance. It rose from a $1.03 close to an after-hours peak of $1.52 before retreating to near its original price.
Concurrently, the price of Dogecoin itself has seen significant weekly gains. DOGE recently traded just under $0.11 after touching a more than two-month high, marking a roughly 12% increase over the past seven days.
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