According to CoinWorld, Thumzup (stock code TZUP) is a social media company that recently announced a cryptocurrency fund management program supported by Donald Trump Jr., which will acquire Dogehash Technologies through an all-stock transaction. This acquisition appears to be part of Thumzup's transition into the cryptocurrency mining sector. Dogehash is an industrial-scale blockchain miner specializing in the Scrypt algorithm used by Dogecoin and Litecoin. Last week, Thumzup stated that it would utilize funds from a $50 million common stock issuance to integrate its assets (such as BTC, ETH, DOGE, LTC, and XRP) into its balance sheet while also funding a new mining division. Thumzup wrote in a statement: "The merged company aims to become the world's leading Dogecoin mining platform and will leverage Dogecoin Layer-2 infrastructure to enhance miner economics and expand earnings beyond basic block rewards by staking in DeFi products within the DogeOS ecosystem." According to the announcement, DogeHash currently operates 2,500 Scrypt ASIC miners in North America, primarily using renewable energy resources. The company plans to expand this scale. Under the terms of the agreement, Dogehash shareholders will exchange 100% of their shares for 30.7 million shares of Thumzup stock. The company will be renamed "Dogehash Technologies Holdings, Inc." and will trade on NASDAQ under the new ticker "XDOG." The transaction is expected to be completed by the end of the year. In the July $50 million issuance registration statement, Thumzup reported that Donald Trump Jr. is a major shareholder in the company. The Trump family has an increasingly growing network of relationships throughout the cryptocurrency industry, including entering the mining sector through American Bitcoin fund management and mining operations. As of the time of publication, TZUP has fallen over 30% to $5.89, but has still risen 132.77% over the past six months.
