Z Squared, a dogecoin (DOGE) mining company, is merging with biopharmaceutical firm Coeptis (COEP). This merger will enable Z Squared to keep dogecoin mining and divest Coeptis’ pharmaceutical business. The new company will be essentially a cryptocurrency mining operation with dogecoin and litecoin (LTC) as its main assets.
According to the press release, the merger will form a big publicly traded company that specializes in the mining of these cryptocurrencies. Z Squared’s CEO, David Halabu, explained that going public would allow the company to obtain additional money from wider markets. He stated, “Going public gives us greater access to capital markets to drive the expansion of our mining operations and pursue other strategic opportunities we believe will be accretive to shareholders.”
The merger will be finished in the third quarter of 2025. The company will use 9,000 DOGE mining machines in the U.S. following the merger. However, the company has not disclosed exact details about its revenue. Dogecoin, originally created in 2013 as a fork of Bitcoin. It is based on a Proof-of-Work system. That is, miners attempt to solve difficult problems to add new blocks to the blockchain and receive coins as compensation for their efforts.
Today, DOGE is worth $27 billion, ranking as the eighth largest cryptocurrency, according to CoinMarketCap. The growing popularity of dogecoin, partly at least because of the support it received from Elon Musk in 2021, has led most businesses to invest in DOGE mining. The mining industry has seen heightened competition, especially in Bitcoin. For this reason, many mining companies are looking for other ways to earn revenue. For instance, the Bitcoin mining company BIT Mining (BTCM) stated that it earned three times more revenue from mining DOGE and LTC than that of Bitcoin itself.
