Dogecoin mining is drawing new attention as Thumzup Media Corp., supported by Donald Trump Jr., takes a significant leap into the crypto mining space. The latest move sees Thumzup shifting away from its digital marketing origins to embrace large-scale mining operations.

Thumzup Acquires Dogehash Technologies in $154M Deal

In a bold strategic shift, Thumzup Media Corp. (TZUP) has announced an all-stock acquisition of Dogehash Technologies, Inc., a company known for its industrial-scale cryptocurrency mining operations. Under the agreement, Dogehash shareholders will receive 30.7 million Thumzup shares, according to a Tuesday release, bringing the enterprise value to approximately $153.8 million, based on the current stock price.

The merged entity will be renamed Dogehash Technologies Holdings, Inc., and intends to trade on Nasdaq under the ticker symbol XDOG, pending a shareholder vote later this year.

Strategic Shift into Sustainable Crypto Mining

Dogehash Technologies operates roughly 2,500 ASIC miners optimized for Scrypt-based cryptocurrencies such as Dogecoin (DOGE) and Litecoin (LTC). These miners are housed in renewable-powered facilities across North America, reflecting an emphasis on environmentally conscious operations. This infrastructure-first approach gives Dogehash direct yield from network block rewards, minimizing reliance on purchasing assets outright—a strategy that sets them apart in the market.

Beyond mining, the company plans to utilize Dogecoin’s DogeOS layer-2 protocol to engage in DeFi applications. By staking through DogeOS, Dogehash aims to enhance mining profitability through decentralized finance returns in addition to traditional block rewards.

A crypto mining facility filled with ASIC rigs, showcasing Dogecoin-focused operations.

Trump Family’s Expanding Crypto Footprint

This transaction deepens the Trump family’s engagement in the crypto space. Earlier this year, Donald Trump Jr. and Eric Trump introduced American Bitcoin in partnership with Hut 8, a major mining company managing over 60,000 machines. This marked one of their highest-profile ventures into Bitcoin mining yet.

Additionally, World Liberty Financial, another Trump-affiliated initiative, secured a $1.5 billion deal with ALT5 Sigma, a Nasdaq-listed firm. This agreement funnels WLFI tokens, a proprietary Trump venture asset, into ALT5 Sigma’s corporate treasury, further integrating the Trump family’s holdings in the decentralized financial ecosystem.

Market Reaction and Next Steps

Despite the strategic promise, the market’s reaction was abrupt. Thumzup shares dropped by 41% to $5.01 on Tuesday, according to Nasdaq trading data. The sharp decline possibly reflects investor uncertainty over the pivot’s short-term viability, the dilution involved in the stock-based acquisition, or market volatility in the crypto sector.

Related: Crypto: Bitcoin to $90,000, XRP Crash, Dogecoin

Nonetheless, the company remains optimistic, especially with its July $50 million stock offering already allocated to support its mining expansion and digital asset accumulation strategies. The integration of Dogehash’s assets and staking mechanisms through DogeOS could give Thumzup’s investors longer-term yields that extend beyond mere token appreciation.