Trump Jr.-Backed Thumzup to Acquire Dogecoin Mining Company
Highlights:
- Thumzup is buying Dogehash to form a new Nasdaq-listed company.
- Dogehash operates 2,500 mining machines and plans further expansion with renewable energy.
- Thumzup raised $50M and approved $250M for crypto assets and growth.
Nasdaq-listed Thumzup Media Corporation, an AdTech firm backed by Donald Trump Jr., revealed on Tuesday that it is set to acquire Dogehash Technologies, a Dogecoin mining company based in North America. Shareholders of Dogehash, which runs large-scale Dogecoin and Litecoin mining operations, will receive 30.7 million Thumzup shares as part of the agreement. After the merger is completed, the new company will be called Dogehash Technologies Holdings, Inc. and trade on Nasdaq under the ticker XDOG.
The deal is expected to close in the fourth quarter if shareholders and regulators approve. This marks a bold step for Thumzup, which shifted its business direction less than a year ago to focus heavily on digital assets. CEO Robert Steele expressed his aim to take Thumzup beyond social media marketing. He added that the company should grow into a serious crypto firm with solid capital, mining operations, and treasury management expertise.
He stated:
Dogehash Mining Operations and Expansion
Dogehash runs about 2,500 Scrypt ASIC mining machines in North America to mine DOGE and LTC. The company also plans to add more machines this year and grow production further through 2026. Its main site uses renewable energy, and smaller sites are being added to increase output. After the merge, the new company expects to leverage to use DogeOS, a special system that makes mining more profitable. With this, miners won’t just earn from normal mining, but also from staking, lending, and other DeFi products.
Executives believe this plan can keep mining Dogecoin profitable even when prices are low. Dogehash co-founder Jonathan Leong explained that his team already secured cheap, renewable energy. By joining Thumzup, they will also get access to big funding, which will help them grow faster than they could on their own.
Dogehash CEO Parker Scott said the company is ready to benefit from Dogecoin’s growth and blockchain progress. He explained that, unlike others who only buy cryptocurrency with cash, Dogehash had built its own mining infrastructure. By operating a fleet of ASIC machines, the company earns revenue directly from mining. Scott noted this provides a steady and lasting supply of Dogecoin for long-term growth.
Dogecoin is one of the most traded cryptocurrencies, known for fast transactions and low fees. Its supply keeps growing in a predictable way, similar to regular money. People widely use it for payments and trading, moving millions daily, and it remains among the top cryptocurrencies by market value.
Thumzup’s Fundraising and Asset Plans
The acquisition also follows Thumzup’s $50 million fundraising in July. This money was reserved to grow its crypto plans and purchase more mining machines. The board also gave approval for holding up to $250 million worth of digital assets. The assets include Ether, XRP, Solana, Litecoin, Dogecoin, Bitcoin, and USDC.
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