Z Squared, a company specializing in the Dogecoin mining (DOGE), the same on the theme of the dog which was propelled to the dominant recognition by Elon Musk in 2021, merges with the company Biopharmaceutique Coeptis (CEP).
The merger will allow the company which results in maintaining the extraction operations of the DOGE, while the pharmaceutical activities of Coeptis will be removed and exploited separately. Consequently, the company will become one of the largest listed companies on the stock market with a main Dogecoin exploration orientation and other cryptocurrencies like Litecoin (LTC).
“The public provides us with wider access to the capital markets to fuel the growth of our mining operations and seek additional strategic opportunities which, in our view, will be accredited to shareholders,” the CEO of Z Squared, David Halabu told Coindesk.
The transaction should end in the third quarter of 2025. The combined entity will have 9,000 DOGE extraction machines based in the United States. The company refused to share income figures with Coindesk.
COEP is down 37.5% during the day.
Spun de Bitcoin (BTC) In 2013, Dogecoin follows a mechanism for evidence for proof of similar work, which means that minors compete to solve an algorithmic problem in order to produce the following block on the blockchain; Whoever solves it first receives parts for their efforts.
At 27 billion dollars in market capitalization, DOGE is currently the eighth largest cryptocurrency, just ahead of the CARDANO and TRX ADA.
The Bitcoin mining industry becoming extremely competitive in recent years, mining operations have been looking for new ways for income – by dedicating resources for AI, for example, or mining of other cryptocurrencies such as Dogecoin and Litecoin. Bitcoin Mining Firm Bit Mining (BTCM), for example, announced in December that it had made three times more money to Doge and BTC because it spread to these cryptocurrencies.
Z Squared is not the first cryptographic minor to make public using this strategy. Other entities such as Core Scientific (CORZ) and Terawulf (TERA) used a similar game book in 2022.
Update (April 25, 18:40 UTC): The article has been updated with an additional context on Bitcoin minors becoming public via mergers.
Update (April 25, 19:40 UTC): The article has been updated with information on the performance of CEP actions.
