Trump family-backed Thumzup Media is buying Dogecoin miner Dogehash in an all-stock deal, aiming to build a leading Dogecoin mining ecosystem.
On Tuesday, Thumzup Media, a Nasdaq-listed crypto-focused treasury firm, announced plans to acquire Dogecoin mining company Dogehash. The agreement will be executed through an all-stock transaction.
As part of the deal, Dogehash shareholders will receive 30.7 million Thumzup shares. Once completed, the miner will become Degohash Technologies Holdings and be listed on the Nasdaq under the ticker symbol “XDOG.”
Building a Dogecoin Ecosystem
Thumzup said Dogehash’s mining technology will be folded into its platform. The goal is to strengthen Dogecoin’s mining infrastructure and deliver competitive opportunities for miners.
In the press statement, CEO Robert Steele said that the company aims to go beyond mining. He highlighted plans to create a vertically integrated Dogecoin ecosystem, combining renewable-powered operations, scalable infrastructure, and utility-driven applications.
Recent Fundraising and Strategy Shift
The acquisition follows Thumzup’s $50 million capital raise, completed a few weeks ago. That funding went toward purchasing mining rigs, accumulating digital assets, and advancing its crypto-led strategy.
Originally founded in 2020 as a social media marketing platform, Thumzup pivoted earlier this year. It now manages a crypto treasury and accepts Bitcoin payments for its users.
Crypto Industry Trend
Thumzup’s move mirrors a wider shift among public companies. Several firms, including American Bitcoin and Kindly MD, have added large Bitcoin holdings in recent months. Others, such as Bitmine Immersion and Sharplink, have funneled billions into Ethereum.
Altcoins like XRP and Solana are also seeing growing adoption as corporate treasury assets.
Market Reaction and Outlook
Thumzup shares closed at $5.01 on Tuesday, according to Yahoo Finance. The stock fell 41% in 24 hours but remains up 52% for the year.
Upon finalizing the Dogehash acquisition, Thumzup and its new subsidiary will aim to establish themselves as a top Dogecoin mining platform, with the promise of stronger yields for the meme coin’s miners.
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