Dogecoin Mining Gets Major Boost as Thumzup Acquires Dogehash in $50M Stock Deal

Trump family-backed Thumzup Media is buying Dogecoin miner Dogehash in an all-stock deal, aiming to build a leading Dogecoin mining ecosystem.

On Tuesday, Thumzup Media, a Nasdaq-listed crypto-focused treasury firm, announced plans to acquire Dogecoin mining company Dogehash. The agreement will be executed through an all-stock transaction.

As part of the deal, Dogehash shareholders will receive 30.7 million Thumzup shares. Once completed, the miner will become Degohash Technologies Holdings and be listed on the Nasdaq under the ticker symbol “XDOG.”

Recent Fundraising and Strategy Shift

The acquisition follows Thumzup’s $50 million capital raise, completed a few weeks ago. That funding went toward purchasing mining rigs, accumulating digital assets, and advancing its crypto-led strategy

Originally founded in 2020 as a social media marketing platform, Thumzup pivoted earlier this year. It now manages a crypto treasury and accepts Bitcoin payments for its users.

Crypto Industry Trend

Thumzup’s move mirrors a wider shift among public companies. Several firms, including American Bitcoin and Kindly MD, have added large Bitcoin holdings in recent months. Others, such as Bitmine Immersion and Sharplink, have funneled billions into Ethereum.

Altcoins like XRP and Solana are also seeing growing adoption as corporate treasury assets.

Market Reaction and Outlook

Thumzup shares closed at $5.01 on Tuesday, according to Yahoo Finance. The stock fell 41% in 24 hours but remains up 52% for the year

Upon finalizing the Dogehash acquisition, Thumzup and its new subsidiary will aim to establish themselves as a top Dogecoin mining platform, with the promise of stronger yields for the meme coin’s miners.