Thumzup Media, a digital advertising company with ties to the Trump family, has approved a $2.5 million loan to DogeHash Technologies, supporting the deployment of over 500 Dogecoin ASIC miners.
The funding could raise DogeHash’s total fleet to more than 4,000 machines by year-end, strengthening its position in the fast-growing mining sector.
The financing comes as Thumzup moves forward with plans to acquire DogeHash. The acquisition is pending shareholder approval. If finalized, it will align Thumzup more closely with Dogecoin’s infrastructure ecosystem.
Thumzup’s Expanding Crypto Treasury
Notably, this is not Thumzup’s first step into the crypto space. Earlier this year, the company began accumulating Bitcoin and Dogecoin for its corporate treasury. It now holds 19 BTC and 7.5 million DOGE, with a combined value of roughly $3.85 million.
The board has already approved a plan to increase that figure well beyond the current amount. Thumzup has authorization to hold up to $250 million in digital assets. This move places it among a growing number of companies treating cryptocurrencies as long-term reserves.
DogeHash CEO: Loan Is a “Catalyst”
CEO Parker Scott described the investment as a “catalyst” that would allow the company to deploy “cutting-edge” ASIC machines during what he called a pivotal stage for the Dogecoin network.
Indeed, mining efficiency is increasingly critical as competition grows. More powerful ASICs enable higher hash rates at lower energy costs, a combination that can determine profitability in a market where margins are often tight.
Dogecoin Volatility and Thumzup Stock Slide
However, the move comes amid volatility in the Dogecoin market. The token remains far from its all-time high of $0.75, reached during the 2021 bull run. Currently, Dogecoin is trading at about $0.23, according to CoinGecko, after briefly crossing $0.30 earlier in September.
At the same time, Thumzup stock has also faced a sharp correction. Shares currently trade near $5.20, down more than 65% from an August peak above $15.
Competitors Double Down on Dogecoin
Thumzup is not the only company betting big on Dogecoin. CleanCore Solutions, a Nasdaq-listed firm with ties to the Dogecoin Foundation, recently revealed that it now holds more than 600 million DOGE.
The company has also committed to acquiring up to 1 billion tokens and has openly stated its goal of eventually controlling 5% of Dogecoin’s circulating supply.
ETF Tailwinds Provide Support
The Dogecoin market received another boost in September with the launch of the REX-Osprey Dogecoin ETF (ticker: DOJE). The fund recorded $17 million in first-day trading volume, ranking it among the top ETF debuts of 2025.
Bloomberg analyst Eric Balchunas noted that DOJE’s early performance places it in the top five launches out of more than 700 ETFs this year, reflecting a strong appetite for Dogecoin-linked financial products.
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