Thumzup Issues 30.7M Shares in $250M Push With Dogehash Mining Deal
Thumzup Media Corporation, a Trump-linked company, is changing its strategy with a big move into cryptocurrency infrastructure.
Quick overview
- Thumzup Media Corporation is shifting its focus to cryptocurrency infrastructure by acquiring Dogehash Technologies in an all-stock deal.
- The merger will create Dogehash Technologies Holdings, Inc., which will operate with a new ticker symbol 'XDOG' and aims to become a major player in Scrypt mining.
- Thumzup plans to leverage Dogehash's mining capabilities and renewable energy resources to enhance its digital asset portfolio, targeting a $250 million crypto investment.
- Despite initial stock volatility following the announcement, Thumzup's shares have stabilized, while Dogecoin's value has seen a slight decline.
Thumzup Media Corporation, a Trump-linked company, is changing its strategy with a big move into cryptocurrency infrastructure. The Nasdaq listed company has signed an all stock deal to acquire Dogehash Technologies, a North American blockchain mining company. The merger will issue 30.7 million new shares of Thumzup to Dogehash shareholders, with closing expected by 4th quarter 2025, subject to shareholder approval.
Dogehash currently has 2,500 ASIC miners across multiple sites and plans to scale up by year end. They focus on Scrypt based assets like Dogecoin (DOGE) and Litecoin (LTC) making the combined company one of the largest in the space. The merged entity will be named Dogehash Technologies Holdings, Inc. and trade under the new ticker “XDOG”.
Trump family–backed @thumz_up ($TZUP) to acquire Dogecoin mining firm Dogehash in an all-stock deal.
• Dogehash shareholders to receive 30.7M $TZUP shares
• New company to trade on Nasdaq as $XDOG
• Dogehash runs ~2,500 Scrypt ASIC miners for $DOGE & $LTC
• Thumzup raised… pic.twitter.com/b3zXiFH0kr— CryptoPotato Official (@Crypto_Potato) August 20, 2025
Mining Vision and Market Strategy
Thumzup CEO Robert Steele called the acquisition a transformation from a digital marketing company into a diversified digital asset company. “Dogehash brings world class expertise, low cost renewable power and advanced Scrypt mining capacity” Steele said. “We will pair mining with real world payment solutions using Dogecoin’s speed and low fees.”
Dogehash CEO Parker Scott said owning a large scale mining fleet outright gives long term operational advantages. “We have built a utility scale Dogecoin mining platform ahead of mainstream adoption” Scott said. “Scalability will be key to future growth.”
The acquisition comes on the heels of Thumzup’s $50 million secondary public offering which funded crypto hardware purchases and expanded their treasury. The company’s board also approved a plan to grow their crypto portfolio to $250 million and allocate resources to high liquidity assets like XRP, USDC and DOGE.
📢📢Trump Jr’s @thumz_up To Buy Dogecoin Mining Firm In All-Stock Transaction Valued At 30.7M Shares
Dogehash shareholders will receive 30,700,000 Thumzup shares, and the merger is expected to close after customary approvals.
The combined company will build on roughly 2,500… pic.twitter.com/NANIhUmgHP
— UnoCrypto (@unocrypto_com) August 20, 2025
Key strategic goals:
- Scale Dogecoin and Litecoin mining efficiency
- Expand renewable powered infrastructure
- Build a $250M crypto portfolio
- Explore Dogecoin for payments and rewards systems
Stock and Market Reaction
Despite the big plans Thumzup’s stock was volatile. After the announcement shares dropped 46% from $8.28 to $4.60 one of the biggest drops since going public. Analysts cited shareholder dilution and execution risk as the main concerns. But the stock has since stabilized and is trading above $5.Dogecoin itself was down 1.09% in 24 hours to $0.213, down 11% for the week. Futures saw $23.2 million in long liquidations. If it goes below $0.21 it could sell off more, if it goes above $0.22 it could bounce.
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