NEW YORK, June 4, 2026, 12:05 EDT
Shuttle Pharmaceuticals Holdings shares dropped in late-morning Nasdaq trading Thursday, leaving the small company’s stock just above 50 cents as the market reacted to its shift from cancer-drug development to mining Dogecoin and Litecoin. The stock was last at $0.507, down 1.7 cents, or 3.2%, with a market cap around $2.6 million.
New York markets were open. Nasdaq’s 2026 U.S. equity calendar shows June 19, Juneteenth, as the next June holiday, not June 4.
Shuttle is looking for investors to put a value on a business that isn’t all set up yet. Last month, stockholders gave the green light for the board to do one or more reverse stock splits, anywhere from 1-for-2 to 1-for-150. A reverse split boosts the share price by combining shares, but doesn’t affect the company’s total value.
Ryan Trasolini, Shuttle’s co-CEO, is listed as a reporting insider after a May 6 event, the latest ownership filing showed. Trasolini reported no beneficial ownership in the firm’s securities. A Form 3 is the first ownership report insiders like officers, directors and large holders must file.
Shuttle wrapped up its merger with United Dogecoin on May 6, according to an SEC filing. The deal turns United Dogecoin into a fully owned unit of the crypto-mining company. The same filing details a $9.55 million PIPE deal—Shuttle is selling preferred stock and warrants privately to investors, with warrants eligible to convert into common shares if stockholders sign off.
Shuttle said it now has an option to buy as many as 3,000 ElphaPex Scrypt mining rigs for Dogecoin and Litecoin. Scrypt is the method both networks use, and the company said merge-mining would let it earn rewards from both chains at once. The company said if it deployed all 3,000 machines, its hash rate could reach roughly 43,200 GH/s.
Trasolini said in the company’s May 14 release that “the confirmation of our initial rig purchase order marks the start” of the platform. He said the business would put new-generation rigs to work to mine DOGE and LTC at scale, with plans to keep mined assets on the balance sheet. TMX Newsfile
Andrew Kiguel, who heads Realbotix, co-founded Hut 8 and sits on United Dogecoin’s board, said in an April filing exhibit that United Dogecoin is using a strategy that “mirrors that of Hut 8’s back in 2017.” He also said Dogecoin mining is still at a very early stage. That’s how Shuttle is positioning its pitch when compared with bigger public crypto-miners.
Crypto mining stocks fell too. Dogecoin dropped 3.5% and Litecoin lost 2.7%. Hut 8, Marathon Digital, and Riot Platforms also slipped, so Shuttle’s new peers didn’t offer much support.
Shuttle’s balance sheet is still thin. For the quarter ended March 31, the company posted no revenue and booked a net loss of around $2.2 million. It ended the quarter with a working-capital deficit close to $5.8 million. Shuttle said current cash, recent equity, and financing won’t cover its operations for the next 12 months.
The trade is a risk both ways. The mining rig deal still hangs on delivery, site prep, and crypto prices. The preferred shares and warrants need stockholder signoff and could mean a flood of new shares. The company already said it needs more cash and warned that raises “substantial doubt” about keeping afloat. TMX Newsfile
Shuttle shares still trade well below the $1.03 and $1.24 conversion prices listed in merger and financing filings. Investors aren’t chasing the story yet. Instead, the next trigger looks tied to the company’s ability to bring rigs online, mine coins at scale, and avoid more pain for current holders.
