- Coeptis will spin off its cancer therapies and pivot to Dogecoin mining.
- The new company will operate 9,000 Dogecoin mining machines.
- Four Dogecoin ETF applications are awaiting SEC approval.
After years of advancing cancer and autoimmune therapies, one biopharma firm is taking the next logical step: Dogecoin mining.
Coeptis Therapeutics, a publicly traded biopharmaceutical company, announced this week it would spin off its life sciences operations and merge with Z Squared, a digital asset miner focused primarily on Dogecoin.
Following the merger, the public entity will rebrand as Z Squared Inc. and focus entirely on its goal of building the largest publicly traded Dogecoin mining operation in the US.
The company’s research into cell therapies for cancer, infectious, and autoimmune diseases will continue under a separate private offshoot.
Meanwhile, Coeptis’ public shareholders will retain exposure to the newly combined Dogecoin mining business.
“We’re giving shareholders a chance to get involved in the Dogecoin market,” said Coeptis CEO Dave Mehalick, “while continuing to work on our biopharmaceutical operations through the spinout.”
Z Squared’s leadership, including incoming CEO David Halabu and COO Michelle Burke, will assume control of the newly branded company.
The deal includes 9,000 US-based Dogecoin mining machines, and the combined entity will continue trading on the Nasdaq.
Dogecoin now boasts a market cap of nearly $28 billion and has been a consistent top-10 cryptocurrency since its inception in 2013.
It operates on a proof-of-work blockchain, akin to Bitcoin’s, where miners validate transactions and are rewarded with Dogecoin.
Growing demand and a friendlier regulatory outlook in the US have also helped push cryptocurrencies like Dogecoin further into the financial mainstream.
Four Dogecoin-focused exchange-traded fund applications from Bitwise, Grayscale, 21Shares, and Osprey are awaiting approval from the US Securities and Exchange Commission.
Grayscale’s and Bitwise’s applications could receive a decision as early as mid-May, while the others could extend into late 2025.
Crypto market movers
- Bitcoin has gained 1% over the past 24 hours and is trading at $94,575.
- Ethereum is up 1.5% in the same period to $1,805.
What we’re reading
Kyle Baird is Inside Solana’ Weekend Editor. Got a tip? Email at kbaird@dlnews.com.
