Z Squared, a company that mines dogecoin (DOGE), the popular dog-themed meme coin made famous by Elon Musk in 2021, is teaming up with biopharmaceutical firm Coeptis (COEP).

The merger will allow the new entity to continue mining DOGE, while Coeptis' pharmaceutical arm will be spun off and managed separately. As a result, the combined entity will become one of the largest publicly traded entities focused on mining dogecoin and other cryptocurrencies such as litecoin (LTC).

“Going public provides us with greater access to the capital markets to accelerate the growth of our mining operations and pursue additional strategic opportunities that we believe will benefit shareholders,” Z Squared CEO David Halabou said in a letter to CoinDesk.

The deal is expected to close in the third quarter of 2025. The combined company will have 9,000 DOGE mining machines in the U.S. The company declined to provide revenue information to CoinDesk.

Dogecoin, which forked from Bitcoin (BTC) in 2013, uses a similar Proof-of-Work consensus mechanism, which means miners compete to solve an algorithmic puzzle to form the next block in the blockchain; the one who solves the puzzle first is rewarded with coins.

With a market cap of $27 billion, DOGE currently ranks eighth among cryptocurrencies, ahead of only Cardano's ADA and Tron's TRX.

With the Bitcoin mining industry highly competitive in recent years, companies have been looking for new ways to generate revenue, such as dedicating resources to AI purposes or mining other cryptocurrencies like dogecoin and litecoin. For example, Bitcoin mining company BIT Mining (BTCM) reported in December that it had made three times more money mining DOGE and LTC than BTC since expanding its operations to those cryptocurrencies.

Source: cryptonews.net