Dogecoin News Today: Thumzup Acquires Dogehash in All-Stock Deal to Boost Dogecoin Mining Infrastructure

Thumzup Media, a digital-asset firm with ties to the Trump family, has announced its acquisition of Dogehash Technologies, a North American Dogecoin mining company, through an all-stock transaction involving 30.7 million shares of Thumzup. The rebranded entity will be known as Dogehash Technologies Holdings, Inc., and will trade under the ticker symbol “XDOG” on the Nasdaq [1][3]. This move marks a significant pivot for Thumzup, which previously operated as a digital marketing platform, and signals an accelerated shift toward becoming a major player in the digital asset infrastructure space.

Dogehash currently operates 2,500 Scrypt ASIC miners across renewable-powered facilities in North America, used to mine both Dogecoin and Litecoin. The combined company plans to expand its mining capabilities by leveraging Dogecoin’s Layer-2 infrastructure, including staking and DeFi products within the DogeOS ecosystem, which is expected to enhance miner returns beyond traditional block rewards [1][6]. Thumzup CEO Robert Steele emphasized that the acquisition is not only about scaling mining operations but also about positioning Dogecoin as a mainstream digital asset. Jonathan Leong, co-founder of Dogehash, noted that the deal would unlock access to capital markets and improve operational scalability [1][3].

The acquisition follows a $50 million capital raise by Thumzup earlier this year, which was earmarked for expanding its crypto strategies and acquiring additional mining hardware. The board has also approved up to $250 million in digital asset holdings, including Bitcoin, Dogecoin, Litecoin, Solana, XRP, Ether, and USDC [4][5]. This strategic buildup contrasts with many companies in the sector that focus on speculative trading rather than infrastructure investment. Dogehash CEO Parker Scott explained that the company has opted for a more sustainable model by investing in mining infrastructure, which generates ongoing revenue from production rather than relying solely on market price fluctuations [4].

Thumzup’s decision to focus on Dogecoin sets it apart from other publicly traded crypto firms, which tend to prioritize Bitcoin and Ethereum. By acquiring Dogehash, Thumzup is placing a bet on Dogecoin’s long-term potential, particularly among retail investors and those influenced by high-profile endorsements, such as those from Elon Musk [6][8]. The merged entity is expected to scale its operations significantly, with plans to increase mining output through 2026, and the deal is anticipated to close by the end of 2025, pending shareholder and regulatory approvals [1][5].

The announcement has already triggered market reactions, with Thumzup’s stock dropping 41% in the 24 hours following the news. However, the stock remains up 52% year-to-date, suggesting that investors still view the company’s crypto strategy favorably despite the volatility [4][7]. The deal has also drawn attention due to Donald Trump Jr.’s involvement, who previously purchased 350,000 shares of Thumzup in July, according to regulatory filings. This connection has added a layer of political and cultural visibility to the transaction but has not detracted from the company’s strategic goals.

Sources:

[1] Yahoo (https://finance.yahoo.com/news/trump-family-backed-thumzup-acquire-213204473.html)

[2] CoinCentral (https://coincentral.com/thumzup-to-merge-with-dogecoin-miner-dogehash-technologies-in-historic-deal/)

[3] Nasdaq (https://www.nasdaq.com/articles/thumzup-buy-dogehash-technologies-all-stock-deal)

[4] AInvest (https://www.ainvest.com/news/trump-jr-crypto-stock-pick-crashes-45-thumzup-media-corporation-market-plummets-dogehash-acquisition-announcement-2508)

[5] Binance (https://www.binance.com/en/square/post/28529038093026)

[6] Benzinga (https://www.benzinga.com/crypto/cryptocurrency/25/08/47214900/trump-jr-linked-thumzup-expands-into-dogecoin-litecoin-mining-with-dogehash-deal)

[7] Crypto (https://www.cryptocraft.com/news/1357262-trump-family-backed-thumzup-to-acquire-dogecoin-mining-company)

[8] MEXC (https://www.mexc.com/en-GB/news/thumzup-plans-all-stock-acquisition-of-dogehash-expanding-into-dogecoin-and-litecoin-mining/66660)