Dogecoin Mining Firm to Go Public as DOGE Price Hits 2-Month High

• United Dogecoin Inc. is being acquired by Shuttle Pharmaceuticals to set up the first public DOGE mining company.
• The new entity will deploy over 3,000 mining rigs and expects to deliver 1.5% of global DOGE mining capacity at launch.

Shuttle Pharmaceutical Holdings has announced a merger agreement with United Dogecoin Inc. that will take the industry’s largest memecoin to Wall Street. Following the merger, United Dogecoin, one of the largest DOGE mining companies globally, will become a wholly owned subsidiary of Shuttle. 

According to Shuttle, the merger will be supported by an $11 million Private Investment in Public Equity (PIPE) financing round for accredited investors that closes on Monday, May 4th. To complete the merger, Shuttle will issue 8,000 preferred shares to United Dogecoin equity holders. 

The new entity will become the world’s largest DOGE miner. Following the merger, it intends to ramp up its mining activities, purchasing 3,000 newest generation ElphaPex mining rigs. The added mining capacity, expected to be fully operational within 60 days, will deliver up to 43,200 GH/s, accounting for 1.5% of the memecoin’s global mining capacity.

United Dogecoin says that even at DOGE’s current low market prices, the tokens it will mine will be at a discount. Additionally, it claims to have access to low-cost renewable energy, which would keep the operating costs low.

A New Dogecoin Mining Giant

Ryan Trasolini, the CEO of United Dogecoin, who will become a co-CEO of the new combined entity, says that the merger is timely and will make the new company a global leader in DOGE mining. 

He added:

“The completion of this transaction will give investors exposure to Dogecoin via our dual-pronged strategy of mining Dogecoin with highly efficient, cost-effective rigs and holding mined Dogecoin on our balance sheet to build long-term asset value. This strategy has been successful in Bitcoin mining, and we are ready to apply it to Dogecoin mining with a view to deliver long-term shareholder value.”

Trasolini is an industry veteran who was among the founders of US Bitcoin Corp, a BTC miner that merged with Hut 8 in 2023 to form Hut 8 Corp. The company has since partnered with the Donald Trump family and has expanded to the Middle East, as we reported.

United Dogecoin is tapping into a unique opportunity at a time when investors have saturated the BTC mining market, adds Andrew Kiguel, a co-founder of Hut 8 who will become a new board member at the new company. 

He commented:

“We believe that while the opportunity for incredible upside in new Bitcoin miners has passed, Dogecoin mining is in its infancy, and United Dogecoin is well positioned to be a leader in the space.”

DOGE Leads Top 10 Coins in Gains

The merger news broke as the Dogecoin market was heating up. While it has dipped 1% in the past day, the memecoin is up 9.5% in the past week to trade at $0.1078.

In the past month, DOGE has shot up 19.6%, the highest gain among the top 10 coins, outpacing BTC and ETH, which have gained 17% and 12.5%, respectively.

The price gains have brought back DOGE whale. In the past week, accumulations worth $100,000 or more hit 739 in a single day, the highest in the past six months. According to Santiment data, wallets with at least 100 million DOGE now hold the largest amount of DOGE in history, over 108.5 billion.

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