Thumzup, a media company whose investors include the family of the current president, announced it will acquire Dogehash Technologies, a Dogecoin mining company. The all-stock deal will see the combined company trade on the Nasdaq under the symbol XDOG, with the aim of becoming a leading Dogecoin mining platform.
Thumzup Media, a company with connections to the Trump family, is preparing to acquire Dogehash Technologies in an all-stock transaction. This transaction aims to establish the world’s largest Dogecoin mining platform.
On Tuesday, the Nasdaq-listed company disclosed that Dogehash shareholders will exchange their entire holdings for 30.7 million shares of Thumzup. The combined company will be renamed Dogehash Technologies Holdings and trade under the new ticker XDOG upon the completion of the transaction.
The transaction is anticipated to be completed in the fourth quarter, subject to regulatory clearance and shareholder approval.
Dogehash Runs 2,500 Scrypt Miners Across North America
Dogehash is a company that specializes in the production of Dogecoin and Litecoin. It employs approximately 2,500 Scrypt ASIC miners throughout North America. The company intends to increase its output by a substantial margin through 2026 by expanding its fleet later this year. Its operations are centered on a renewable-energy data center, and satellite sites are being added to increase production.
Thumzup and Dogehash hope to capitalize on Dogecoin’s Layer-2 infrastructure by collaborating to develop DeFi staking products integrated into the DogeOS ecosystem.
According to executives, this will enhance mining economics and generate higher yields than conventional block rewards. Following the merger’s conclusion, performance metrics will be disclosed.
Dogecoin, one of the most actively traded cryptocurrencies, is regarded for its low transaction fees and rapid block periods. It is a fundamental component of high-throughput payments and trading due to its inflationary but predictable supply, which is consistent with the issuance of fiat currency. The asset maintains its status as one of the top cryptocurrencies by market capitalization and consistently generates millions of dollars in daily volume.
Thumzup Acquisition Follows $50M Fundraising Round
Robert Steele, the CEO of Thumzup, stated that the agreement would expedite the company’s transition from a marketing platform to a diversified digital asset infrastructure participant.
Parker Scott, the CEO of Dogehash, stated that the organization had prioritized infrastructure investments over speculation. “In contrast to numerous organizations that utilized their cash reserves to acquire cryptocurrency, we have allocated resources to mining infrastructure.” He stated, “We generate revenue directly from production by owning and operating our fleet of ASICs, thereby creating a sustainable, ongoing source of Dogecoin.”
Additionally, the acquisition occurs after Thumzup’s $50 million fundraising effort in July. The funds were allocated to the expansion of its crypto strategies and the acquisition of additional mining machines. Furthermore, the board authorized the acquisition of digital asset holdings of up to $250 million. These consist of Bitcoin, Dogecoin, Litecoin, Solana, XRP, Ether, and USDC.
Thumzup initiated its cryptocurrency voyage in January by purchasing Bitcoin, which currently possesses 19.1 BTC. The Los Angeles-based company, which was previously recognized for its digital marketing platform that compensated users for promoting brands on social media, has entered a new era with its transition to mining.
In July, the company’s visibility was further enhanced when Donald Trump Jr., the son of the US president, acquired 350,000 shares, which were valued at nearly $3.3 million at the time, according to regulatory filings. The Trump family significantly supported Thumzup’s expanding ambitions in digital assets due to the acquisition.
