Dogecoin News Today: Trump-Backed Thumzup Acquires Dogecoin Miner in $30.7M Stock Deal

Thumzup Media, a digital-asset treasury firm with high-profile investors including members of the Trump family, has entered into an all-stock agreement to acquire Dogehash Technologies, a North American Dogecoin mining company. The deal, which values Dogehash at 30.7 million Thumzup shares, will see the merged entity rebranded as Dogehash Technologies Holdings, Inc. and listed on Nasdaq under the ticker symbol “XDOG” [1][2][3]. The transaction marks a significant step in Thumzup’s aggressive pivot to crypto over the past year, following a $50 million capital raise aimed at funding mining expansion and digital asset acquisitions [4][5].

Dogehash brings with it 2,500 Scrypt ASIC mining machines, currently operational at renewable-powered facilities across North America. These machines are used to mine both Dogecoin and Litecoin, two of the largest proof-of-work coins built on the Scrypt algorithm. The combined company plans to leverage the efficiency and low transaction costs of Dogecoin to expand accessibility and scale the mining ecosystem. The partnership also intends to integrate Layer-2 solutions such as the DogeOS platform to diversify miner returns through staking, DeFi lending, and yield-generating products [1][6].

Thumzup CEO Robert Steele emphasized that the acquisition is not just about mining but also about positioning Dogecoin as a mainstream digital asset. He underscored Thumzup’s commitment to sustainability and innovation in crypto, stating that the company aims to support the long-term development of Dogecoin. Jonathan Leong, co-founder of Dogehash, added that the partnership will unlock access to capital markets and provide greater scalability for the company’s operations [1][3].

The acquisition has drawn attention partly due to its association with the Trump family, particularly Donald Trump Jr., who is a backer of Thumzup. While this has added a political and cultural dimension to the deal, it has also sparked a mixed reaction in the market. Following the announcement, Thumzup’s stock price fell by over 41% in 24 hours, according to market data. However, the stock has still gained 52% year-to-date, reflecting continued investor interest in Thumzup’s crypto-driven strategy [4][7].

The move places Thumzup among a growing list of publicly traded companies making significant bets on digital assets, including MicroStrategy and other firms investing heavily in Bitcoin and Ethereum. Thumzup’s focus on Dogecoin sets it apart, as most corporate adoption efforts have centered on Bitcoin and Ethereum. By acquiring Dogehash, Thumzup is betting on the long-term viability of Dogecoin, which has gained traction among retail investors and has been endorsed by high-profile figures such as Elon Musk [6][8].

The deal is expected to close in the fourth quarter of 2025, subject to shareholder approval and regulatory approvals. The transaction aims to create one of the largest Dogecoin mining operations globally, leveraging the combined strengths of both companies to improve operational efficiency and scalability in the mining sector [1][5].

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)

[9] AInvest (https://www.ainvest.com/news/dogecoin-news-today-thumzup-merge-dogehash-stock-deal-create-xdog-mining-entity-2508)