Dogecoin mining firm Z Squared set to enter the public market through a merger.

Z Squared, a prominent Dogecoin (DOGE) mining firm, is merging with biopharmaceutical company Coeptis (COEP), with the merger expected to finalize in Q3 2025.

Following the merger, the combined entity will continue Z Squared’s focus on DOGE mining, while Coeptis’ pharmaceutical operations will be spun off and managed separately. This deal will make the newly formed company one of the largest publicly traded entities centered around mining Dogecoin and other cryptocurrencies such as Litecoin (LTC).

“We see going public as a way to gain broader access to capital, which will help us expand our mining operations and pursue additional strategic growth opportunities that we believe will benefit our shareholders,” said David Halabu, CEO of Z Squared, in an email to CoinDesk.

The transaction is expected to close by the third quarter of 2025. The newly merged firm will operate 9,000 DOGE mining machines across the United States. However, the company has opted not to disclose revenue figures to CoinDesk at this time. COEP shares have dropped by 37.5% on the day.

Dogecoin, which was created in 2013 as a spinoff from Bitcoin (BTC), uses a Proof-of-Work (PoW) consensus mechanism, where miners compete to solve complex algorithmic problems to secure the next block on the blockchain. Those who succeed are rewarded with newly minted coins.

With a current market cap of $27 billion, DOGE is the eighth-largest cryptocurrency, just ahead of Cardano (ADA) and Tron (TRX).

As the Bitcoin mining sector has become more competitive, many miners are diversifying their focus. For instance, Bitcoin miner BIT Mining (BTCM) revealed in December that it made three times as much profit from mining Dogecoin and Litecoin than from Bitcoin itself.

Z Squared is not the first crypto mining firm to pursue a public listing with this approach. In 2022, companies such as Core Scientific (CORZ) and TeraWulf (TERA) used similar strategies to go public.