In a sector where speculation often overshadows fundamentals, Coeptis Therapeutics Holdings, Inc. (Nasdaq: COEP) has established a combined valuation of approximately $835 million. At the center is a $660.3 million fair market value for its digital mining subsidiary, Z-Squared, Inc., as disclosed in SEC filings dated January 31, 2025. When factoring in the company’s planned biotech spin-out, valued at $75 million, along with tax-loss carryforwards that can support future profitability, management’s roadmap signals a milestone shift in Coeptis’ evolution from a pure biotech operator to a dual-sector enterprise spanning both life sciences and digital infrastructure.
This benchmark matters for two reasons. First, it places Z-Squared among credible mid-cap miners, a category that capital markets now evaluate on enterprise value multiples and operational efficiency rather than speculative hash rate promises. Second, it allows investors to connect valuation with share structure and earnings potential, creating a framework to back into speculative price ranges for the combined company.
Valuation Foundations
The $660M figure is based on two well-established methods:
- Discounted Cash Flow (DCF): projecting Z-Squared’s future cash flows with risk-adjusted discount rates.
- Guideline Public Company Comparisons (GPC): benchmarking against listed miners such as Riot Platforms, MARA Holdings, CleanSpark, and Hut 8.
Underlying assumptions included a fleet of 9,000 ASIC miners optimized for Dogecoin and Litecoin, revenues rising from ~$90M in 2025 to ~$118M in 2027, gross margins above 85%, and EBITDA margins near 65%.
Share Structure and Earnings Power
Post-merger, the filings provide additional clarity. Following the merger, Z-Squared shareholders will own 79% of the combined company, while existing Coeptis shareholders will retain the remaining ~21%.
At forecast capacity, Z-Squared could generate $60–75M in annual EBITDA, equating to about $3.00–3.25 in earnings per share (EPS). With a defined share count and earnings base, investors can connect valuation to per-share outcomes — something rarely seen in crypto infrastructure.
Market Context in 2025
The disclosure comes at a pivotal moment for the sector:
- Post-Halving Dynamics: The April 2024 Bitcoin halving tightened miner economics but historically sets up 12–18 months of stronger pricing.
- Dogecoin Differentiation: Unlike most miners that focus on Bitcoin, Z-Squared is optimized for Dogecoin (DOGE). Originally created as a meme coin, DOGE is now a liquid, widely recognized asset with strong cultural relevance (Wikipedia; Investopedia).
Z-Squared’s operations are not tied to Bitcoin mining. Its 9,000 ASICs mine Dogecoin and Litecoin through merge-mining. While Bitcoin sets the tone for the overall crypto market, Z-Squared’s revenues flow directly from DOGE and LTC. - Consolidation & Scale: Larger miners are acquiring mid-cap peers. At $660M, Z-Squared is in the sweet spot: credible in size, yet accessible for strategic deals.
- Institutional Standards: Investors now demand EV/EBITDA metrics, not just hash rate claims. By disclosing a professional valuation, Coeptis signals alignment with these expectations.
Speculative Price Framework
Translating share structure and earnings into market scenarios:
- Conservative (12–15× multiple): $39–$49/share.
- Base Case (20× multiple): $60–$65/share.
- Bull Case (DOGE rally to $0.30–$0.50): EPS could scale to $6–$8, implying $80–$160/share.
If DOGE were to fall below $0.10, profitability could compress, pulling valuation toward book value levels of ~$15–$20/share. These are illustrative ranges, showing both opportunity and risk.
Strategic Implications for Coeptis
For Coeptis, Z-Squared is more than diversification:
- Dual Value Drivers: Biotech is long-cycle; mining generates immediate revenue. Together, they balance the portfolio.
- Optionality: A defined benchmark supports financing, partnerships, and possible spin-offs.
- Differentiated Narrative: Few Nasdaq companies operate in both biotech and digital mining, giving Coeptis a unique story.
Spin-Out and Combined Valuation
Beyond mining, management has signaled its intention to spin out biotech assets at a 1:1 distribution ratio to shareholders, with the stated goal of a Nasdaq uplisting.
Key elements:
- $75M estimated biotech asset value, including programs in oncology and cell therapy.
- Tax-loss carryforwards of roughly $100M, which remain with the parent company and may be applied to shield future taxable income.
Together, the biotech spin-out and tax efficiencies lift Coeptis’ combined estimated value to ~$830 million.
Valuation Summary
| Component | Estimated Value | Notes |
| Z-Squared Mining Subsidiary | $660M | Fair market value as of Jan 31, 2025 |
| Biotech Assets (Spin-Out) | $75M | Oncology & cell therapy programs; planned 1:1 spin with Nasdaq uplist |
| Tax-Loss Carryforwards | $100M | Available to offset future taxable income; not part of the spin-out |
| Total Combined Estimated Value | ≈ $830M | Mining + biotech spin-out + tax advantages |
Investor Takeaways
- Credible Benchmark: The $660M valuation anchors Z-Squared in the league of mid-cap miners.
- Speculative Math: ~25M shares, ~$3.25 EPS potential, supporting ranges of $40–$65/share with upside if Dogecoin rallies.
- Biotech Spin-Out: Adds ~$75M in asset value and creates a separate public biotech vehicle.
- Tax Advantages: $100M in carryforwards can strengthen the parent’s profitability profile.
- DOGE-Driven: Coeptis’ success depends on Dogecoin and Litecoin economics, not Bitcoin mining.
Conclusion
The disclosure of Z-Squared’s $660M fair market value, paired with a planned biotech spin-out and embedded tax advantages, positions Coeptis as a dual-sector company with an estimated combined valuation of ~$835M.
Importantly, Z-Squared’s success is not dependent on Bitcoin. Its revenues are tied to Dogecoin and Litecoin through merge-mining, creating a differentiated narrative in a market crowded with BTC-focused peers. While Bitcoin sets the tone for crypto broadly, Z-Squared’s profitability is linked directly to DOGE/LTC performance.
For investors, that distinction matters. Coeptis offers a hybrid growth story — biotech innovation balanced with digital infrastructure — that could deliver both diversification and asymmetric upside in today’s evolving market cycle.
Compliance Note: All valuation, share count, and operating assumptions are drawn from Coeptis’ SEC filings (10-Q, S-4, valuation disclosures) and public information on Dogecoin. Speculative price scenarios are illustrative and should not be construed as investment advice.
