Media and tech company Thumzup, which has ties to Donald Trump Jr., is making a major pivot into cryptocurrency mining, setting its sights on Dogecoin. The firm announced plans to purchase 3,500 Dogecoin mining rigs, projecting potential yearly revenues of up to $103 million if DOGE climbs to the $1 mark.
In a shareholder update on Thursday, Thumzup disclosed it had finalized agreements—still pending investor approval—to acquire a Dogecoin mining business. The deal includes 2,500 active rigs, with another 1,000 machines already on order.
The move follows Thumzup’s August announcement that it would shift away from its traditional adtech operations by acquiring DogeHash Technologies, the company currently running the Dogecoin miners. Once the acquisition closes, the combined entity will operate under the name Dogehash Technologies Holdings and trade on the market under the ticker XDOG. The company also completed a $50 million stock offering earlier this summer.
Mining Projections
Thumzup plans to deploy 3,500 Bitmain Antminers to fuel its Dogecoin operations. Based on current DOGE prices, the firm expects around $22.7 million in annual revenue. However, should the meme coin hit $1, revenues could soar to over $100 million.
Currently, Dogecoin trades at $0.214, down more than 70% from its peak in 2021.
Dogecoin vs. Bitcoin Mining
Thumzup referenced data from BIT Mining, which showed that Dogecoin mining has been nearly three times more profitable than Bitcoin mining as of late 2023. With a market cap exceeding $32 billion and a daily trading volume of $1.3 billion, Dogecoin remains one of the most widely adopted cryptocurrencies.
Positioning itself as one of the first publicly traded large-scale DOGE miners, Thumzup highlighted industry forecasts showing the $10.5 billion crypto mining sector could more than double by 2035. The announcement comes the same week that KuCoin revealed ambitions to capture 10% of Dogecoin’s total mining capacity.
Building a Crypto Treasury
The company’s board also authorized holding a range of digital assets, including Bitcoin (BTC), Dogecoin (DOGE), Litecoin (LTC), Solana (SOL), XRP, Ethereum (ETH), and stablecoin USDC. Thumzup already holds 19.1 BTC, valued at about $2.1 million, according to BitcoinTreasuries.NET.
Trump Family Connections
Donald Trump Jr., son of U.S. President Donald Trump, disclosed in July that he had acquired 350,000 shares of Thumzup. Additionally, Dominari Securities, the investment bank closely linked to the Trump family, has been involved in raising capital for the company.
On Thursday, Thumzup’s stock (TZUP) rose 5.3%, closing at $5.57. While shares have slid significantly from their August high of over $15, they remain up 62% year-to-date.
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