Thumzup Media Corporation, a social media company backed by Donald Trump Jr., has announced a historic $50 million all-stock acquisition of industrial-scale miner Dogehash Technologies. The deal, expected to close by the end of 2025, will see Dogehash shareholders receive 30.7 million shares of Thumzup stock, with the combined entity to be renamed "Dogehash Technologies Holdings, Inc." and listed on Nasdaq under the symbol "XDOG".
The acquisition marks Thumzup's strategic pivot into cryptocurrency mining, specifically targeting Dogecoin (DOGE) and Litecoin (LTC) mining operations. Dogehash brings 2,500 Scrypt ASIC miners operating across North America, all powered by renewable energy sources. Thumzup plans to leverage this infrastructure to become a leading Dogecoin mining platform, with plans for further expansion of the renewable-energy-powered mining fleet.
The move is funded by Thumzup's recent $50 million common stock offering in July, with a portion allocated to acquiring mining rigs and accumulating digital assets. The company has been building its crypto treasury with plans to add BTC, ETH, DOGE, LTC, and XRP to its balance sheet while strengthening its mining infrastructure.
Strategically, Thumzup aims to leverage Dogecoin's Layer-2 infrastructure through staking in decentralized finance (DeFi) products to enhance miner economics and increase yield beyond base block rewards. Unlike Bitcoin's halving mechanism that pressures miner margins, Dogecoin's predictable, inflationary issuance model provides more stable mining economics. The Scrypt-based mining algorithm also offers more favorable power-to-revenue efficiency compared to Bitcoin.
Despite the announcement, Thumzup's stock price dipped 30% to $5.89 at the time of the news, though the company remains up 132.77% over the past six months, reflecting growing investor interest in its new direction.