Thumzup Media, a marketing company backed by the Trump family that recently transitioned to a cryptocurrency treasury, announced its plans to acquire a Dogecoin mining company called Dogehash. The deal, which is entirely based on a stock exchange, aims to create a new integrated entity under the name Dogehash Technologies Holdings, which will be traded on the NASDAQ under the symbol "XDOG."
Deal details and future vision:
According to a joint statement, Dogehash shareholders will exchange their shares for a total of 30.7 million shares of Thumzup. Thumzup will integrate Dogehash's advanced mining technology into its operations, aiming to provide competitive and profitable mining opportunities for miners within the Dogecoin ecosystem.
Robert Steele, CEO of Thumzup, explained that the vision goes beyond just mining: "In addition to expanding our digital asset treasury, we see opportunities to align Dogecoin's fast and low-cost settlement layer to build a vertically integrated ecosystem that combines scalable infrastructure, renewable energy-backed production, and utility-driven applications for Dogecoin."
Expansion strategy in the cryptocurrency world:
This deal comes as a significant step in Thumzup's aggressive strategy toward digital assets, which began after the company recently raised $50 million to fund its expansion. This strategy targets the acquisition of advanced mining equipment and the accumulation of more digital assets (such as Bitcoin) for its corporate treasury, mirroring the model of companies like MicroStrategy led by Michael Saylor.
General trend: public companies are turning to digital currency treasuries:
Thumzup is not alone in this space; the past year has seen a notable shift as many publicly listed companies, such as American Bitcoin and Kindly MD, have purchased hundreds of millions of dollars in Bitcoin. Other companies like Bitmine Immersion and Sharplink Gaming have invested billions in Ethereum and other altcoins like XRP and Solana, in what is known as the "digital asset treasury boom."
About Thumzup:
Thumzup was founded in 2020 as a marketing platform that pays social media users to promote brands. The company drastically changed its course earlier this year to adopt a cryptocurrency-focused strategy, as it began accumulating Bitcoin for its treasury and allowed users to accept and pay using BTC.
Following the announcement, Thumzup's stock experienced sharp fluctuations, closing at $5.03 on Tuesday, marking a 41% decline within 24 hours but an overall increase of 52% since the beginning of the year.
The two companies aim through this deal to position themselves as the leading mining platform for Dogecoin, promising to provide stronger returns for the mining community around the popular meme currency.
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