PANews reported on August 19 that Thumzup, a social media company supported by the Trump family, announced it will acquire the industrial-grade blockchain mining company Dogehash Technologies, which focuses on Dogecoin and Litecoin mining, through an all-stock transaction. This acquisition is one of its strategic moves to enter the cryptocurrency mining sector. Dogehash currently operates 2,500 Scrypt ASIC miners in North America, primarily using renewable energy, and plans to further expand its mining scale.
In July, Thumzup raised $50 million through the issuance of common stock to purchase assets such as BTC, ETH, DOGE, LTC, and XRP, while also supporting the development of cryptocurrency mining operations.
According to the agreement, Dogehash shareholders will exchange all their shares for 30.7 million shares of Thumzup stock. The merged company will be renamed 'Dogehash Technologies Holdings, Inc.' and will trade under the new ticker 'XDOG' on NASDAQ, with the transaction expected to be completed by the end of the year.
Thumzup stated that the merged company will become a global leader in Dogecoin mining while enhancing miner yields and amplifying earnings beyond block rewards through the staking of Dogecoin Layer-2 infrastructure within the DogeOS ecosystem's DeFi products.
