Biotech Firm's Shares Plummet Amid Planned Pivot to Dogecoin Mining
Coeptis Therapeutics is merging with Z Squared Inc. to become the largest publicly traded Dogecoin miner. Coeptis shares fell nearly 40% to $7.53 following the announcement. The merger requires regulatory and shareholder approval. Z Squared CEO David Halabu will lead the merged entity, which will make Z Squared a subsidiary of Coeptis. Z Squared operates 9,000 Dogecoin mining rigs. Coeptis will retain its biopharmaceutical operations through a spinout after the merger. Despite the share drop, Coeptis is up 37% year-to-date but down over 96% from its peak. The company aims to expand its Dogecoin and Litecoin mining efforts while exploring other digital asset strategies. Dogecoin has increased by 1.3% in the last 24 hours and 16% over the week, trading above $0.18.
