Trump-backed Thumzup to acquire Dogehash in all-stock deal

The cryptocurrency treasury firm Thumzup Media, whose investors include the Trump family, announced on Tuesday that it will acquire Dogehash Technologies, a North American Dogecoin mining company.

Dogehash shareholders will exchange their shares for 30.7 million Thumzup shares in an all-stock deal. Once completed, the merged entity will operate as Dogehash Technologies Holdings, Inc. and list on Nasdaq under the ticker XDOG.

The news represents an ambitious expansion for Thumzup, which, less than a year ago, dramatically changed its corporate strategy to bet big on digital assets. Dogehash also comes with a fleet of about 2,500 Scrypt ASIC mining machines located at renewable-influenced facilities in North America. These rigs mine Dogecoin and Litecoin, the two largest proof-of-work coins utilizing the Scrypt algorithm.

The collaboration is intended to create one of the world’s largest Dogecoin mining operations. Thumzup executives said the combined scale would provide efficiencies for miners and grow the Dogecoin ecosystem.

Thumzup CEO Robert Steele said the acquisition was more than a mining deal. He explained that the company wanted to use Dogecoin’s speed and low transaction costs to make the asset more widely accessible. Steele added that Thumzup was committed to supporting a green future for crypto and intended to give the project the development it deserved.

Thumzup sold $50 million worth of stock only weeks before the deal. The money was targeted for mining growth, acquisition of energy infrastructure, and purchases of Bitcoin and other digital assets.

Thumzup brings Dogecoin mining to Wall Street

The purchase reflects how meme coins such as Dogecoin work their way into corporate thinking. Thumzup and Dogehash aim to join retail excitement with institutional capital by listing on Nasdaq under the symbol XDOG.

The combined entity will also look to scale with Layer-2 solutions such as the developing DogeOS ecosystem to increase miner returns. These instruments will enable miners to participate in staking, DeFi lending, yield-generating products, and traditional mining rewards.

Its executives say this approach to mining Dogecoin can be sustainable and profitable — even in down crypto markets. Jonathan Leong, co-founder of Dogehash, said his team had spent years securing cheap, renewable energy contracts. He added that joining Thumzup would give them access to capital markets and allow them to scale independently in ways they could not achieve.

The deal has attracted attention in part because of its Trump tie. A backer of Thumzup is Donald Trump Jr., giving the movement a political and cultural dimension.

But the reaction on Wall Street has been fickle. After the release, Thumzup’s stock dropped more than 50% to $3.65, based on Morningstar data. The steep decline indicates that investors are wary of the risks of turning so aggressively to the business of crypto mining.

Even so, Thumzup stock is still up quite a bit for the year, lifted partly by earlier enthusiasm for its treasury-based crypto project.

Firms race to build crypto treasuries

Thumzup isn’t the only company that has pivoted to corporations. Publicly traded companies have flooded into crypto over the last two years. Strategy led the trend by purchasing billions of dollars of Bitcoin, under the direction of its chief executive, Michael Saylor. Other companies, such as American Bitcoin, Kindly MD, and Bitmine Immersion, have loaded up on Bitcoin and Ethereum in their treasuries.

It’s a risky, high-stakes strategy, but it could have a big payoff if successful. And crypto assets can be highly volatile, though they might also outperform traditional holdings. Companies that get the cycles right can significantly enhance their balance sheets.

What makes ThumzUp stand out is its emphasis on Dogecoin. Regarding corporate adoption of the currency, which Bitcoin and Ethereum dominate, few firms have constructed Dogecoin-focused platforms at scale. By buying Dogehash, Thumzup is wagering that Dogecoin’s longevity — driven by a cult-like following and backed by the endorsement of celebrities like Elon Musk — will pay off.

The transaction, subject to shareholder approval and regulatory checks, is expected to be completed in the fourth quarter of 2025.

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