Nasdaq-listed Thumzup Media, backed by Donald Trump Jr., is making a strategic pivot into cryptocurrency mining with plans to acquire 3,500 Dogecoin mining rigs through its pending acquisition of Dogehash Technologies. The company revealed in its latest shareholder letter that it intends to purchase Dogehash's existing fleet of 2,500 mining rigs and add another 1,000 units by December, contingent on shareholder approval of the all-stock deal.
The expansion represents a significant bet on Dogecoin, with Thumzup projecting revenue estimates ranging from $22.7 million at current DOGE prices to over $100 million if the token reaches $1. Dogecoin was trading near 22 cents at the time of the announcement, having remained relatively stable over the previous 24 hours.
Thumzup's move into crypto mining follows its January decision to seed a $1 million bitcoin position for its treasury. The company has since expanded its mandate to include Dogecoin, Litecoin, Solana, XRP, ether, and USDC, with board approval granted in recent weeks. The Dogehash acquisition is particularly strategic as the miner specializes in the Scrypt algorithm that secures both Dogecoin and Litecoin, allowing for efficient merged mining operations.
The company stated that "cryptocurrency mining presents what could be one of the greatest opportunities for value creation in the industry," projecting "material" high-margin revenue from the integration. If the rigs go live as projected, Thumzup will become one of the largest public Dogecoin miners, positioning itself in a market segment increasingly embraced by retail investors despite its historically speculative nature.