Thumzup Media Corporation, a Nasdaq-listed company with ties to Donald Trump Jr., disclosed a $2 million investment in Dogecoin, purchasing approximately 7.5 million DOGE tokens at a weighted average price of $0.2665. This marks Thumzup's first open-market acquisition of Dogecoin, signaling a strategic pivot toward cryptocurrency and digital asset infrastructure.
Despite the announcement, Thumzup's stock fell 7.7% to $4.61 on Wednesday, though it recovered 4.5% in after-hours trading. Concurrently, Dogecoin's price rose 5.4% to $0.28, buoyed by broader institutional interest and the impending launch of the first U.S. Dogecoin ETF.
Thumzup is deepening its commitment to Dogecoin through its pending acquisition of Dogehash Technologies, a mining operation with 2,500 rigs focused on Dogecoin and Litecoin, with plans to deploy an additional 1,000 rigs by year-end. The merged entity will rebrand as Dogehash Technologies Holdings and trade under the ticker XDOG upon shareholder approval.
To support its expansion, Thumzup appointed Jordan Jefferson, CEO of DogeOS and head of the MyDoge wallet, to its Crypto Advisory Board. Jefferson emphasized that Thumzup's strategy of deploying DOGE into the ecosystem, rather than merely holding it, could strengthen the Dogecoin economy.
The company's transformation from a social media marketing firm to a crypto-focused entity includes a board-authorized capacity to hold up to $250 million in cryptocurrencies, such as Bitcoin, Ether, Solana, XRP, Dogecoin, Litecoin, and USDC. In August, Thumzup raised $50 million in a stock offering to fund crypto mining infrastructure and blockchain investments.
Dogecoin's price rebound aligns with the debut of the REX-Osprey Dogecoin ETF (DOJE), the first regulated product dedicated to a memecoin. Analysts, including ETF Store president Nate Geraci, predict increased institutional capital and legitimacy for Dogecoin, with technical indicators suggesting potential resistance at $0.30–$0.35 and support near $0.25–$0.26.