What to know:
- Thumzup Media Corp., with Donald Trump Jr. as an investor, announced plans to acquire Dogehash Technologies in a stock-based deal.
- This acquisition will launch a new entity, Dogehash Technologies Holdings, Inc., listed on Nasdaq as XDOG.
- Dogehash operates data centers powered by renewable energy and aims to enhance its mining operations centered on Dogecoin and Litecoin.
Thumzup Media Corp. is transitioning from digital marketing to large-scale crypto mining through the acquisition of Dogehash Technologies. Under the deal, Dogehash shareholders will gain 30.7 million shares of Thumzup, valuing the agreement at $153.8 million. The rebranded Dogehash Technologies Holdings, Inc. is set to be publicly traded on Nasdaq pending shareholder approval.
Dogehash currently runs around 2,500 Scrypt ASIC miners using renewable energy and plans to expand its operations further next year. Unlike other companies accumulating coins, Dogehash has developed its own infrastructure, allowing for lower-cost access to Dogecoin and Litecoin block rewards.
This acquisition is part of the Trump family’s broadening ventures in cryptocurrency, with Eric Trump and Donald Jr. previously launching American Bitcoin with Hut 8, which operates over 60,000 miners. Furthermore, another Trump-affiliated company, World Liberty Financial, has signed a significant agreement with Nasdaq-listed ALT5 Sigma for its WLFI token, showcasing the family’s expanding influence in the crypto sector.
As a note, Thumzup stock recently experienced a 41% decline, settling at $5.01.
