NEW YORK, June 26, 2026, 11:02 EDT
- Shuttle Pharmaceuticals jumped 27% to $4.815, trading about 21.7 million shares by 11:02 a.m. EDT.
- Turnover ran close to 70 times its 65-day average. That’s also about 34 times the number of post-split common shares outstanding.
- United Dogecoin’s miner buy and update on its renewable-power site was the latest catalyst.
Shuttle Pharmaceuticals Holdings Inc (NASDAQ:SHPH) surged Friday as United Dogecoin, its unit, said it picked up its first Dogecoin miners and locked in a hydroelectric data centre site. The former drug developer saw sharp trading and became one of the busiest micro-cap names of the session.
The stock jumped 27.38% to $4.815 as of 11:02 a.m. EDT, trading between $4.56 and $6.15. Volume was 21.7 million shares, far above the 65-day average of 311,064, Wall Street Journal data showed. The Health Care/Life Sciences group added 1.09%. The Russell 2000 slipped 0.10%.
Turnover, not price, tells the story here. Shuttle traded 21.7 million shares, which is 34 times the roughly 637,108 shares it has outstanding after its one-for-10 reverse split on June 11. The company said that move dropped issued and outstanding shares from 6,371,075 and also affected warrants, pre-funded warrants, and convertible preferred stock.
United Dogecoin said Friday it bought ElphaPex DG1+ miners, each rated at 14.4 GH/s. The company expects the fleet to start running in about 60 days. United Dogecoin also said its hydroelectric site delivers power at $0.064 per kilowatt hour.
Shuttle’s co-chief executive and United Dogecoin founder Ryan Trasolini said in a statement, “We are quickly ramping up operations.” He said miners should be online “in approximately 60 days.” Shuttle Pharmaceuticals
United Dogecoin is looking at data centre and power-generation sites in Idaho and Alberta for DOGE mining and AI hosting, the company said a day ago. “Our objective is to build a durable digital infrastructure platform rather than simply operate mining equipment,” Trasolini said. Shuttle Pharmaceuticals
That is why investors are watching the stock for more than just Friday’s move. Shuttle has gone from a small biopharma to what looks like a leveraged bet on whether its Dogecoin and Litecoin mining plan gets built before dilution and cash burn stack up.
Shuttle’s capital structure complicates things. After finishing the United Dogecoin merger, Shuttle issued 8,000 Series B-1 preferred shares that can be converted, with stockholder approval, into about 32.3 million common shares before the planned reverse split. Shuttle also set aside as many as 118.0 million pre-funded warrants for United Dogecoin holders, which depend on milestones and stockholder votes. Taking the pending split into account, that would mean about 15.0 million potential shares, according to company filings and Reuters math.
The deal included a $9.55 million private placement. Shuttle’s May 7 SEC filing said the PIPE preferred shares will turn into about 9.3 million common shares before any split, if approved. Buyers could get up to 31.5 million pre-funded warrants if all three milestones are hit.
Shuttle Pharmaceuticals said in its May update the miner order is for up to 3,000 ElphaPex Scrypt rigs, aiming for around 43,200 GH/s if they all get installed. The plan is to mine Dogecoin and Litecoin simultaneously, and the company will keep the mined coins as long-term treasury holdings.
Shuttle was strapped before it pivoted to crypto. In the quarter to March 31, it posted a net loss of $2.2 million, showed no revenue, held $1.09 million in cash, and faced a $5.8 million working-capital deficit. The filing said those numbers cast substantial doubt on Shuttle’s ability to keep operating.
