Thumzup Merges Dogehash: Trump Family Backs Deal to Create Dogecoin Mining Giant

Thumzup Media, a company related to the Trump family, is preparing for the acquisition of Dogehash Technologies in an all-stock deal aimed at creating the largest Dogecoin mining platform in the world. On Tuesday, the Nasdaq-listed company announced that shareholders of Dogehash will exchange all their shares for 30.7 million Thumzup shares. Upon completion of the transaction, the merged company will be renamed Dogehash Technologies Holdings and will trade under the new ticker symbol XDOG. This transaction is expected to be completed in Q4, subject to shareholder approval and regulatory approval. Dogehash Operates 2,500 Scrypt Miners Across North America Dogehash operates around 2,500 Scrypt ASIC miners across North America, focusing on the production of Dogecoin and Litecoin. The company plans to expand its mining fleet by the end of this year, aiming for significant output growth by 2026. The company's operations are centered at a renewable energy data center, with satellite stations being added to scale up production.

By collaborating, Thumzup and Dogehash aim to leverage the Layer 2 infrastructure of Dogecoin through DeFi staking products integrated into the DogeOS ecosystem. The management stated that this will improve the economic efficiency of mining and yield higher profits compared to standard block rewards. Performance indicators will be announced after the merger process is completed. Dogecoin, one of the most actively traded cryptocurrencies, is highly valued due to its fast block processing times and low transaction fees. Dogecoin has an inflationary but predictable supply, akin to fiat currency issuance, making it a key coin for high-throughput transactions and payments. This asset consistently records millions in trading volume each day and remains one of the top cryptocurrencies by market capitalization. The Acquisition of Thumzup Occurs After a Funding Round of 50 Million USD The CEO of Thumzup, Robert Steele, stated that this agreement will accelerate the company's transformation from a marketing platform to a diversified digital asset infrastructure provider. Meanwhile, Parker Scott, the head of Dogehash, stated that the company has invested in infrastructure rather than speculative trading. "Unlike many companies that only use cash to acquire cryptocurrency, we have invested in mining infrastructure. By owning and operating our own fleet of ASICs, we generate direct revenue from production activities, creating a continuous and sustainable source of Dogecoin," he said. Furthermore, this acquisition deal comes after Thumzup raised 50 million dollars in July. The funds are allocated to expand the cryptocurrency strategy and acquire additional mining rigs. Additionally, the board has approved the holding of digital assets up to 250 million dollars. These assets include Bitcoin, Dogecoin, Litecoin, Solana, XRP, Ether, and USDC. Thumzup began its cryptocurrency journey in January by acquiring Bitcoin and currently holds 19.1 BTC. The shift to mining marks a new chapter for the Los Angeles-based company, which until recently was well-known for its digital marketing platform that rewards users for promoting brands on social media. The company became more famous in July when Donald Trump Jr., the son of the US president, acquired 350,000 shares worth nearly $3.3 million at the time, according to legal filings. This acquisition positioned the Trump family as significant supporters of Thumzup's growing ambitions in the digital asset space.