A Gaithersburg-based pharmaceutical company is making a major and unexpected move into cryptocurrency.
Shuttle Pharmaceutical Holdings, Inc. (NASDAQ: SHPH), headquartered at 401 Professional Dr. in Gaithersburg, has entered into a definitive agreement to acquire United Dogecoin, a Dogecoin mining company, in a deal that would significantly reshape the company’s business model.
The merger, announced April 30, is supported by an $11 million private investment expected to close May 4, 2026. Once finalized, United Dogecoin will become a wholly owned subsidiary of Shuttle and operate alongside its existing business.
The combined company is positioning itself to become a major player in Dogecoin mining, with plans to deploy up to 3,000 next-generation mining rigs. Those rigs are expected to be operational within 60 days of closing and could account for roughly 1.5% of the global Dogecoin mining capacity.
United Dogecoin says its competitive edge will come from scale, industry relationships, and access to efficient mining hardware through its partnership with ElphaPex. The company also expects to leverage low-cost, renewable energy sources, allowing it to mine Dogecoin at a lower cost than purchasing it on the open market.
Leadership from United Dogecoin is expected to play a major role in the combined company. CEO Ryan Trasolini is set to become co-CEO alongside Shuttle’s Christopher Cooper, while current CFO Yuying Liang will remain in her role. The deal structure includes the issuance of convertible preferred stock and warrants that could translate into tens of millions of common shares, pending stockholder approval.
The move marks a dramatic shift for Shuttle, which has historically focused on pharmaceutical development. If completed, the company will gain exposure to the cryptocurrency sector through a strategy centered on mining Dogecoin and holding it as a long-term asset. The transaction still requires stockholder approval and is expected to close in early May.
