Nikolas Sargeant
Thumzup Media, a Nasdaq-listed company with notable Trump family connections, has announced the acquisition of Dogehash Technologies in an all-stock transaction designed to establish the world's largest Dogecoin mining platform.
The strategic merger will see Dogehash shareholders exchange their holdings for 30.7 million shares of Thumzup stock. Following completion, the combined entity will rebrand as Dogehash Technologies Holdings and commence trading under the new ticker symbol XDOG on public markets.
The transaction awaits shareholder approval and regulatory clearance, with completion expected during the fourth quarter of 2024. This acquisition represents Thumzup's most significant step in its transformation from a digital marketing platform into a diversified cryptocurrency infrastructure company.
The deal follows Thumzup's $50 million fundraising round in July, which was specifically allocated toward expanding cryptocurrency strategies and acquiring additional mining equipment. The company's board has also approved up to $250 million in digital asset holdings across multiple cryptocurrencies.
Dogehash Operates Extensive North American Mining Fleet
Dogehash Technologies currently operates approximately 2,500 Scrypt ASIC miners distributed across North American facilities, focusing primarily on Dogecoin and Litecoin production. The company has positioned its operations around renewable energy infrastructure, with plans to add satellite locations to scale production capacity significantly through 2026.
The combined companies plan to leverage innovative Layer-2 DeFi staking mechanisms integrated within the DogeOS ecosystem to enhance mining economics beyond traditional block reward structures. Management expects these advanced staking products to deliver superior yields compared to conventional mining operations, with detailed performance metrics to be disclosed following merger completion.
Dogehash CEO Parker Scott emphasized the company's strategic focus on infrastructure investment rather than speculative cryptocurrency trading. "Unlike many companies that simply used their cash to buy cryptocurrency, we have invested in mining infrastructure. By owning and operating our own fleet of ASICs, we generate revenue directly from production, creating an ongoing, sustainable source of Dogecoin," Scott stated.
Strategic Transformation From Marketing to Mining
Thumzup CEO Robert Steele positioned the acquisition as accelerating the company's evolution into a comprehensive digital asset infrastructure provider. This represents a dramatic pivot for the Los Angeles-based firm, which previously operated a social media marketing platform that rewarded users for brand promotion activities.
The company initiated its cryptocurrency journey in January with Bitcoin purchases and currently holds 19.1 BTC in treasury reserves. The approved digital asset strategy encompasses Bitcoin, Dogecoin, Litecoin, Solana, XRP, Ethereum, and USDC holdings.
Thumzup gained significant attention in July when Donald Trump Jr. purchased 350,000 shares valued at approximately $3.3 million, according to regulatory filings. This investment positioned the Trump family as notable supporters of Thumzup's expanding digital asset ambitions.
The acquisition targets Dogecoin's unique market position as one of the most actively traded cryptocurrencies, valued for rapid block processing times and minimal transaction fees. Dogecoin maintains an inflationary but predictable supply mechanism that mirrors traditional fiat currency issuance patterns, making it particularly suitable for high-volume payment processing and trading applications while consistently generating millions in daily trading volume.
