Thumzup and Dogehash plan to improve mining efficiency and yield through DogeOS by using Dogecoin's 2nd layer DeFi staking, sharing results after the merger.
Thumzup Media is a company connected to the Trump family that will acquire Dogehash Technologies through an all-stock transaction, aiming to create the world's largest Dogecoin mining platform.
The publicly traded company announced on Tuesday that Dogehash shareholders will exchange all their shares for 307,000 shares of Thumzup. After the transaction is completed, the merged company will be renamed Dogehash Technologies Holdings and will trade under the new stock ticker XDOG.
The transaction is expected to be completed in the fourth quarter, pending shareholder and regulatory approvals.
Dogehash operates 2,500 Scrypt miners in North America
Dogehash operates approximately 2,500 Scrypt ASIC miners in North America, focusing on producing Dogecoin and Litecoin. The company plans to expand its fleet later this year, aiming for a significant increase in production by 2026. Its operations are centered around renewable energy data centers and it has added satellite sites to scale up production.
By joining forces, Thumzup and Dogehash hope to leverage Dogecoin's 2nd layer infrastructure through DeFi staking products built into the DogeOS ecosystem.
Executives stated that this will improve mining economics and provide higher returns than standard block rewards. Performance metrics will be disclosed after the merger is completed.
Dogecoin is one of the most actively traded cryptocurrencies, valued for its fast block times and low transaction fees. It features an inflationary but predictable supply, reflecting the issuance of fiat currency, making it a key player for high-throughput payments and transactions. The asset's daily trading volume consistently reaches millions of dollars and it remains one of the highest market cap cryptocurrencies.
Acquisition of Thumzup after $50M financing
Thumzup CEO Robert Steele stated that this transaction will accelerate the company's transformation from a marketing platform to a diversified digital asset infrastructure participant.
Meanwhile, Dogehash head Parker Scott stated that the company invests in infrastructure rather than speculative trading. "Unlike many companies that simply purchase cryptocurrency with cash, we invest in mining infrastructure. By owning and operating our own ASIC fleet, we generate income directly from production, creating a continuous and sustainable source of Dogecoin," he said.
Additionally, this acquisition follows Thumzup's $50m fundraising in July. The funds are intended to expand its crypto strategy and purchase more mining machines. Furthermore, the board approved a digital asset holding of up to $250m, which includes Bitcoin, Dogecoin, Litecoin, Solana, XRP, Ethereum, and USDC.
Thumzup began its cryptocurrency journey in January by purchasing Bitcoin and currently holds 19.1 BTC. Its shift to mining marks a new chapter for the Los Angeles-based company, which until recently was known for its digital marketing platform that rewards users for promoting brands on social media.
According to regulatory filings, the company gained further notoriety in July when Donald Trump Jr., the son of the U.S. President, purchased 350,000 shares at a value of nearly $3.3m. This acquisition made the Trump family a notable supporter of Thumzup's growing ambitions in the digital asset space.
