Dogecoin Hits 2-Month High as DOGE Mining Firm Plans to Go Public via Merger

Nasdaq-listed Shuttle Pharmaceutical Holdings agreed to acquire United Dogecoin Inc. in a merger backed by $11 million in concurrent PIPE funding, creating a publicly traded miner for the leading meme coin. And the coin continued to rise on Friday, surpassing the weekly gains of Bitcoin and other major cryptocurrencies.

According to an announcement, the transaction will enable United Dogecoin to secure 3,000 ElphaPex mining rigs. These installations are expected to deliver a combined hash rate of 43,200 GH/s within 60 days of deployment, representing approximately 1.5% of current global capacity. Dogecoin mining capacity.

Shuttle – owner of an AI pharmaceutical platform – said the rapid implementation timeline reflects a strategy to quickly establish a market position as institutional capital enters the Dogecoin mining ecosystem. The public listing will provide United Dogecoin with both the capital and platform to scale operations beyond what private mining companies have achieved in the Dogecoin space, the company added.

United Dogecoin plans to successfully mirror Bitcoin mining strategies by both mining Dogecoin and holding it on the balance sheet.

“The completion of this transaction will provide investors with exposure to Dogecoin through our two-pronged strategy of mining Dogecoin with highly efficient, cost-effective rigs and retaining mined Dogecoin on our balance sheet to build long-term asset value,” said Ryan Trasolini, CEO of United Dogecoin in a statement. He will serve as co-CEO of the combined company.

Board member Andrew Kiguel sees parallels with the early institutional phase of Bitcoin mining.

“United Dogecoin’s strategy mirrors that of Hut 8 in 2017,” Kiguel said in a statement. “We believe that while the opportunity for incredible upside among new Bitcoin miners has passed, Dogecoin mining is still in its infancy and United Dogecoin is well positioned to be a leader in the space.”

Shuttle stock (SHPH) spiked after the close of trading Thursday evening, rising from a closing price of $1.03 to an after-hours peak of $1.52, according to data from Yahoo Finance. SHPH has given up almost all of these gains, but recently traded at $1.05.

Meanwhile, DOGE is up about 12% over the past week, making it the biggest gainer among the top 10 cryptocurrencies by market cap. It recently traded at just under $0.11 after hitting a more than two-month high earlier Friday.