Trump-Linked Crypto Firm Thumzup to Take Over Dogecoin Mining Operation
Thumzup Media, a company with ties to the Trump family, is set to acquire Dogehash Technologies in an all-stock deal that aims to create the world’s largest Dogecoin mining platform.
The Nasdaq-listed firm announced Tuesday that Dogehash shareholders will swap all of their holdings for 30.7m shares of Thumzup. Once the deal closes, the combined company will be renamed Dogehash Technologies Holdings and trade under the new ticker XDOG.
The transaction is expected to be finalized in the fourth quarter, pending shareholder approval and regulatory clearance.
Dogehash Runs 2,500 Scrypt Miners Across North America
Dogehash operates roughly 2,500 Scrypt ASIC miners across North America, focused on producing Dogecoin and Litecoin. The company plans to expand its fleet later this year, targeting significant growth in output through 2026. Its operations are centered at a renewable-energy data center, with satellite sites being added to scale production.
By joining forces, Thumzup and Dogehash expect to leverage Dogecoin’s Layer-2 infrastructure through DeFi staking products built into the DogeOS ecosystem.
Executives say this will improve mining economics and deliver higher yields than standard block rewards. Performance metrics will be disclosed after the merger closes.
Dogecoin, one of the most actively traded cryptocurrencies, is valued for its fast block times and low transaction fees. It has an inflationary but predictable supply that mirrors fiat currency issuance, making it a staple for high-throughput payments and trading. The asset consistently records millions in daily volume and remains one of the top cryptocurrencies by market capitalization.
Thumzup Acquisition Follows $50M Fundraising Round
Thumzup chief executive Robert Steele said the deal would accelerate the company’s transformation from a marketing platform into a diversified digital asset infrastructure player.
Meanwhile, Dogehash head Parker Scott said the company had invested in infrastructure rather than speculative trading. “Unlike many companies that simply used their cash to buy cryptocurrency, we have invested in mining infrastructure. By owning and operating our own fleet of ASICs, we generate revenue directly from production, creating an ongoing, sustainable source of Dogecoin,” he said.
Further, the acquisition comes after Thumzup raised $50m in July. The funds were set aside to expand its crypto strategies and buy more mining rigs. Additionally, the board approved up to $250m in digital asset holdings. These include Bitcoin, Dogecoin, Litecoin, Solana, XRP, Ether and USDC.
Thumzup began its crypto journey in January by purchasing Bitcoin and now holds 19.1 BTC. Its shift into mining marks a new chapter for the Los Angeles-based firm, which until recently was best known for its digital marketing platform that rewarded users for promoting brands on social media.
The company gained further visibility in July when Donald Trump Jr., son of the US president, bought 350,000 shares worth nearly $3.3m at the time, according to regulatory filings. The purchase positioned the Trump family as notable backers of Thumzup’s growing ambitions in digital assets.
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