Key Takeaways:
(New York, May 7, 2026) – Shuttle Pharmaceuticals Holdings Inc. (NASDAQ: SHPH) has closed its acquisition of United Dogecoin Inc., a deal creating one of the largest publicly traded Dogecoin miners and backed by a $9.6 million PIPE financing.
"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," Ryan Trasolini, CEO of United Dogecoin, said in a statement. Trasolini will serve as co-CEO of the combined company.
The financing provides growth capital for United Dogecoin to acquire and deploy 3,000 next-generation ElphaPex mining rigs, which are expected to be fully operational within 60 days. The fleet is projected to deliver up to 43,200 GH/s of hash rate, equating to approximately 1.5% of the current global Dogecoin network capacity. The transaction was advised by investment bank E.F. Hutton & Co., which acted as the exclusive M&A advisor and placement agent.
This merger establishes a rare, publicly-listed vehicle for investors to gain exposure to Dogecoin mining, an area with few pure-play public options compared to the more mature Bitcoin mining sector. The company's strategy mirrors early Bitcoin mining plays, focusing on accumulating mined assets on its balance sheet. Board member Andrew Kiguel noted that while the opportunity for "incredible upside" in new Bitcoin miners may have passed, "Dogecoin mining is in its infancy."
Under the merger agreement, Shuttle will issue 8,000 shares of Series B-1 Convertible Preferred Stock to United Dogecoin equityholders. These are convertible into approximately 32.26 million common shares. Additionally, United Dogecoin equityholders may receive up to 118.04 million pre-funded warrants tied to post-closing operational milestones.
The deal marks a significant pivot for Shuttle Pharmaceuticals, an AI drug-discovery company, as it integrates a large-scale crypto mining operation. Following the initial merger announcement, SHPH shares saw a brief after-hours spike from $1.03 to $1.52 before settling near $1.05, per Yahoo Finance data. Dogecoin (CRYPTO: DOGE) was trading near $0.11 as of May 7.
This article is for informational purposes only and does not constitute investment advice.
