Quick breakdown:
- Thumzup Media, linked to Donald Trump Jr., is shifting from adtech to crypto mining by acquiring Dogehash Technologies.
- The company plans to operate 3,500 Dogecoin miners and expects substantial revenue growth tied to Dogecoin’s price.
- The merger leads to a Nasdaq listing under XDOG, with expansion plans driven by renewable energy mining and diversified crypto holdings.
Thumzup Media Corporation, a digital asset treasury company backed by Donald Trump Jr., is making a bold pivot from digital marketing to cryptocurrency mining. The company announced it has executed agreements to acquire Dogehash Technologies, acquiring 3,500 Dogecoin mining rigs, and plans to rebrand as Dogehash Technologies Holdings with Nasdaq ticker XDOG, pending shareholder approval.
The acquisition involves an all-stock transaction valued at $153.8 million, with Dogehash shareholders receiving 30.7 million Thumzup shares. Dogehash currently operates around 2,500 Scrypt ASIC miners in North America, located in renewable energy-powered data centers, with plans to expand capacity further in 2026.
Thumzup’s CEO, Robert Steele, highlights this transition as a strategic expansion into digital asset infrastructure and treasury management. The board has authorized crypto purchases of up to $250 million across various assets, including Bitcoin, Ethereum, Solana, Litecoin, XRP, USDC, and notably Dogecoin.
Financial projections are ambitious: at current Dogecoin prices near $0.214, the company estimates roughly $22.7 million in annual revenue from mining. Should Dogecoin reach $1, revenues could soar to $103 million annually, signaling significant revenue scalability tied directly to the cryptocurrency’s adoption and market performance.
Moreover, Thumzup plans to leverage Dogecoin’s DogeOS layer-2 infrastructure to stake assets in decentralized finance (DeFi) products, enhancing miner returns beyond traditional block rewards. This marks a shift toward a multi-revenue stream model within crypto mining, adding sophistication and resilience to the business.
Dogecoin’s Mining & Dogecoin Price Volatility
Donald Trump Jr., a major shareholder with a $4 million investment, has brought significant attention and confidence to the venture. The company raised $50 million in a secondary stock offering to fund mining infrastructure and expand renewable-energy-powered data centres, aligning with increasing emphasis on sustainable mining practices.
While the move positions Thumzup as one of the first publicly listed, utility-scale Dogecoin mining companies, analysts caution on the risks involved, citing Dogecoin’s price volatility and the capital-intensive nature of mining. Yet, the Trump family’s expanding footprint in crypto beyond Bitcoin mining ventures signals a broader institutional embrace of digital assets.
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