Trump-Backed Thumzup Moves Into Dogecoin Mining With Major Dogehash Acquisition

Thumzup Media Corporation, backed by Donald Trump and listed on Nasdaq, has announced a major expansion into the cryptocurrency space. The company confirmed the acquisition of Dogehash Technologies, Inc., a large-scale blockchain infrastructure and mining firm. The deal, executed entirely through a stock-for-stock transaction, marks a pivotal step in Thumzup’s ambition to become a global leader in Dogecoin mining.

Dogehash Brings Thousands of ASIC Miners Currently, Dogehash operates about 2,500 advanced ASIC mining rigs across North America, focused on Scrypt-based assets such as Dogecoin (DOGE) and Litecoin (LTC). Additional capacity is expected to come online later this year, significantly boosting output. Following the merger, the combined entity will operate under the name Dogehash Technologies Holdings, Inc. and trade under the new ticker XDOG. The transaction includes the issuance of 30.7 million Thumzup shares to Dogehash shareholders. Subject to shareholder approval, the deal is expected to close in Q4 2025.

Thumzup’s Strategic Transformation CEO Robert Steele described the merger as a critical move in transforming Thumzup from a digital marketing platform into a fully diversified digital assets and treasury company. “Dogehash brings top-tier mining expertise, access to low-cost renewable energy, and cutting-edge Scrypt miners. Our vision is not only to mine Dogecoin and Litecoin efficiently but also to explore utility-driven use cases, including DOGE’s rapid settlement and low fees for everyday payments and rewards,” Steele explained. Dogehash CEO Parker Scott also highlighted the long-term advantages: “As mainstream interest in Dogecoin and decentralized technologies continues to grow, we believe we are ahead of the curve. We’ve already built Dogecoin mining operations at utility scale, giving us a clear competitive edge.”

Massive Crypto Treasury Expansion Earlier this year, Thumzup raised $50 million through a secondary public stock offering. The funds were allocated to diversify its crypto treasury and purchase additional mining hardware. The board also approved an ambitious plan to expand its cryptocurrency portfolio to $250 million, with allocations into XRP, USDC, DOGE, and other highly liquid digital assets.

Market Reaction and Dogecoin Impact The market’s immediate reaction was turbulent. Thumzup’s stock price plunged nearly 46% from $8.28 to $4.60 following the announcement – one of its sharpest drops since going public. Investors voiced concerns about execution risks and shareholder dilution. However, the stock has since recovered above $5 as sentiment stabilized.

Meanwhile, Dogecoin (DOGE) faced selling pressure amid the broader cryptocurrency downturn. DOGE fell 1.09% in 24 hours to $0.213, extending its weekly decline to over 11%. Analysts attribute the drop to general market correction rather than the Dogehash deal itself. Still, they warn that sustained losses below $0.21 could trigger another wave of sell-offs, while a breakout above $0.22 might spark a recovery.

✅ With political backing, fresh capital, and Dogehash’s mining expertise, Thumzup is positioning itself as a major player in both Dogecoin mining and the broader crypto economy.

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