Shuttle to Buy United Dogecoin in $11M PIPE; 3,000 DOGE Rigs

Shuttle Pharmaceutical Holdings, a Nasdaq-listed company, agreed to acquire United Dogecoin Inc. in a merger supported by $11 million in concurrent PIPE financing. The companies say the combined business will secure 3,000 ElphaPex Dogecoin mining rigs and aim to deploy them within 60 days of the deal closing to reach a combined hash rate of 43,200 GH/s, roughly 1.5% of current global Dogecoin mining capacity.

Shuttle, which operates an AI pharmaceuticals platform, said the public listing and PIPE financing will provide capital to acquire and rapidly deploy mining machines, allowing the combined company to scale more quickly than private mining ventures.

Under the agreement, the 3,000 ElphaPex rigs are expected to be brought online as part of the post-closing integration plan. The firms tied the deployment timeline to the transaction’s completion and did not specify an exact closing date.

United Dogecoin plans to mine Dogecoin and hold mined coins on its balance sheet. United Dogecoin CEO Ryan Trasolini, who will serve as co-CEO of the combined company, said the transaction will give investors exposure through a dual strategy of mining with efficient rigs and accumulating Dogecoin assets.

Board member Andrew Kiguel compared United Dogecoin’s approach to early institutional Bitcoin mining, citing Hut 8’s strategy in 2017 and saying Dogecoin mining is still at an early stage.

After the announcement, Shuttle shares (SHPH) rose in after-hours trading, moving from a close of $1.03 to a peak of $1.52 before trading near $1.05. Dogecoin gained about 12% over the past week and was trading just under $0.11 after reaching a two-month high earlier in the week.