Trump-linked Thumzup Media has announced a deal to acquire Dogehash Technologies, Inc. in an all-stock transaction. This is the latest move from the company to secure a stake in the cryptocurrency mining sector.
Thumzup Acquires Dogehash in Major Mining Deal
In a recent press release, Nasdaq-listed Thumzup Media Corporation shared that it will absorb Dogehash, an industrial-scale blockchain infrastructure firm. This firm specializes in mining Scrypt-based assets such as Dogecoin and Litecoin.
Dogehash currently operates around 2,500 advanced ASIC miners across North America, with more capacity scheduled to come online by year’s end. The combined entity aims to become the world’s leading Dogecoin mining platform.
CEO of Thumzup, Robert Steele, said the merger would boost its evolution from a digital marketing platform into a fully diversified digital-asset infrastructure and treasury business.
“Dogehash brings world-class mining expertise, low-cost renewable power, and access to cutting-edge Scrypt miners. Our vision is not only to mine Dogecoin and Litecoin efficiently but also to explore utility-driven use cases that leverage Dogecoin’s fast settlement and low fees for everyday payments and rewards,” Steele explained.
Echoing that view, Parker Scott, CEO of Dogehash, emphasized the long-term advantages of owning and operating a mining fleet outright.
“As mainstream interest in Dogecoin and decentralized technologies continues to expand, we believe we are ahead of the curve, having already built a utility-scale Dogecoin mining operation,” he noted.
The combined business will be renamed Dogehash Technologies Holdings, Inc. and trade under the new ticker “XDOG.” The deal entails issuing 30.7 million shares of Thumzup stock to Dogehash shareholders. Subject to shareholder approval, closing is anticipated by the fourth quarter of 2025.
This move follows Thumzup’s broader expansion into digital assets. Through its secondary public offering, Thumzup Media raised $50 million, with the money going towards a diversified crypto treasury and the purchase of mining hardware.
Additionally, the Thumzup board authorized a plan to grow its crypto portfolio to $250 million, with allocations to XRP, USDC, DOGE, and other high-liquidity assets.
Market Reaction Amid the Announcement
After the Dogehash announcement, Thumzup’s stock fell nearly 46%, from $8.28 to $4.60, one of the biggest declines since the company’s listing.
Source: TradingView; TZUP Daily Chart
Experts linked the sell-off to execution risks and shareholder dilution. Since then, though, the stock has recovered, most recently rising above $5 as sentiment levels out.
Meanwhile, Dogecoin itself has faced selling pressure in the broader crypto downturn. DOGE fell 1.09% over 24 hours to trade at $0.213, extending a weekly decline of more than 11%.
Source: TradingView; Dogecoin Price Chart
Analysts attribute the weakness to a general market correction and not necessarily the announcement. Additionally, $23.2 million in long liquidations from futures traders were recorded for the token. Others caution that sustained losses below $0.21 could lead to another round of sell-offs, while others say a recovery might ensue if DOGE regains the $0.22 mark.
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Michael Adeleke
Michael Adeleke is a passionate crypto journalist known for breaking down complex blockchain concepts and market trends into clear, engaging narratives. He specializes in delivering timely news and sharp market analysis that keeps crypto enthusiasts informed and ahead of the curve. With an engineering background and a degree from the University of Ibadan, Michael brings analytical depth and precision to every piece he writes.
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