The House of Doge, the commercial arm of the Dogecoin Foundation, will merge with Brag House Holdings (NASDAQ:TBH), effectively becoming a publicly traded company.
Seward & Kissel, the law firm that handled the combination, shares that the combined entity will become the largest institutional holder of Dogecoin, managing over 837 million Dogecoin across its Treasury and investment products.
Dogecoin, started as kind of a joke, has a market cap of over $32 billion and is a top ten crypto.
Brag House Holdings is a “Gen Z engagement platform.”
Upon closing the merger, Brag House is expected to issue approximately 594 million shares of common stock, along with certain other securities convertible into around 69,250,176 shares. The majority of new shares will be issued to current common stockholders of House of Doge and they will become the majority shareholder of the company.
Marco Margiotta, CEO of House of Doge, will become the CEO of the new entity.
The new entity is expected to drive revenue via a payment infrastructure and Doge denominated services.
The merger is also predicted to expand Brag House’s goal of connecting Gen Z and the gaming, college sports, and digital media ecosystems with the future of global finance.
Shares of Brag House cratered on the news, currently showing an almost 50% decline in value for the day. The microcap has a current valuation of $13.37 million. Shares are trading at around $1.17 down from a 52 week high of almost $7.