Z Squared, a company dedicated to mining dogecoin (DOGE)—the meme-inspired cryptocurrency popularized by Elon Musk in 2021—is set to merge with biopharmaceutical firm Coeptis (COEP).
Through this merger, the new entity will continue DOGE mining operations, while Coeptis’ pharmaceutical division will be spun off and run independently. This move positions the company as one of the largest publicly traded entities primarily focused on mining dogecoin and other cryptocurrencies, such as litecoin (LTC).
“Going public provides us with broader access to capital markets to fuel the growth of our mining operations and pursue additional strategic opportunities we believe will be accretive to shareholders,” Z Squared CEO David Halabu shared in an email to CoinDesk.
The transaction is anticipated to finalize in the third quarter of 2025, resulting in a combined entity equipped with 9,000 DOGE mining machines located in the U.S. However, the company chose not to disclose its revenue figures to CoinDesk.
Originating as a spinoff of Bitcoin (BTC) in 2013, Dogecoin utilizes a similar Proof-of-Work consensus mechanism. This process involves miners competing to solve algorithmic problems to validate the next block on the blockchain, with the first to succeed earning coins as a reward.
With a market capitalization of $27 billion, DOGE ranks as the eighth-largest cryptocurrency, surpassing Cardano’s ADA and Tron’s TRX.
As competition in bitcoin mining has intensified in recent years, mining operations are exploring alternative revenue streams, such as allocating resources for AI applications or mining other cryptocurrencies like dogecoin and litecoin. Notably, BIT Mining (BTCM), a bitcoin mining company, reported in December that it had earned three times more revenue from mining DOGE and LTC compared to BTC since diversifying into those cryptocurrencies.
