Z Squared, a Firm That Specializes in Mining Dogecoin (DOGE), Is Merging with Biopharmaceutical Company Coeptis (COEP)

The merger will enable the resulting company to keep DOGE mining operations going, while Coeptis' pharmaceutical business will be spun out and operated separately.

Z Squared, a firm known for mining dogecoin (DOGE), is merging with biopharmaceutical company Coeptis (COEP), the companies announced Monday.

The merger will keep the company’s DOGE mining operations going, while Coeptis’ pharmaceutical business will be spun out and operated separately. The firm will become one of the largest publicly-traded companies with a primary focus on mining dogecoin and other cryptocurrencies like 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 said.

The transaction is expected to close in the third quarter of 2025. The combined entity will have 9,000 U.S.-based DOGE mining machines. The company declined to share revenue figures.

Spun out from bitcoin (BTC) in 2013, Dogecoin was created by software engineers Billy Markus and Jackson Palmer, who met online in a forum for the programming language used to code bitcoin.

The memecoin was propelled to mainstream recognition by Elon Musk in 2021, as the billionaire CEO began regularly touting DOGE on social media.

At $27 billion in market capitalization, DOGE is currently the eighth largest cryptocurrency, just ahead of Cardano’s ADA and Tron’s TRX.

Dogecoin price has been closely following bitcoin price movements this year, rising 123% in 2024 so far, compared to BTC’s 130% gains.

The bitcoin mining industry has become extremely competitive in the last few years, with many operations shutting down due to low profitability.

To diversify revenue streams, some bitcoin miners have been exploring new avenues, such as dedicating resources for AI purposes or mining other cryptocurrencies like dogecoin and litecoin.

Bitcoin mining firm BIT Mining (BTCM) announced in December that it had made three times more money mining DOGE and LTC than BTC since it expanded into those cryptocurrencies last year.