Thumzup Media Corp., with Donald Trump Jr. as a significant shareholder, is making waves in the crypto world. The company announced a bold pivot from digital marketing to industrial-scale crypto mining by acquiring Dogehash Technologies, Inc. in a deal valued at $153.8 million. This move represents a strategic shift as Thumzup aims to capitalize on the burgeoning opportunities in the cryptocurrency sector.
Trump Jr.’s Bold Move into Crypto Mining
In a surprising twist, Thumzup Media Corp. is set to acquire Dogehash Technologies, Inc. through an all-stock transaction. The deal, disclosed on Tuesday, will see Dogehash’s shareholders receiving 30.7 million Thumzup shares. This ambitious move is poised to transform Thumzup into a formidable player in the crypto mining landscape. As explored in Trump Jr.-tied firm raises $50M for crypto, mining as Bitcoin peaks, this acquisition aligns with Thumzup’s strategy to expand its crypto footprint.
Once the deal is finalized, the newly formed entity will operate under the name Dogehash Technologies Holdings, Inc., with plans to list on Nasdaq under the ticker XDOG. The transition awaits shareholder approval, anticipated later this year. Dogehash Technologies boasts around 2,500 Scrypt ASIC miners housed in renewable-powered data centers across North America, offering a sustainable approach to crypto mining.
An Expanding Crypto Empire
This acquisition isn’t an isolated incident. It marks a continuation of the Trump family’s deepening involvement in the cryptocurrency market. Earlier this year, Eric Trump and Donald Jr. teamed up with Hut 8 to launch American Bitcoin, a venture boasting over 60,000 miners. Additionally, World Liberty Financial, another Trump-supported initiative, inked a $1.5 billion agreement with ALT5 Sigma to integrate its WLFI token into the company’s treasury. For more on their expansion strategy, see Trump-linked American Bitcoin seeks Asia acquisitions to boost BTC holdings: Report.
Analysts suggest that the Trump family’s foray into cryptocurrencies is a calculated move to diversify their investment portfolio and capitalize on the potential growth in the digital asset space. “The Trumps are clearly positioning themselves as influential players in the crypto sector,” noted crypto analyst Sarah Mitchell. “Their strategic partnerships and acquisitions demonstrate a keen understanding of market dynamics.”
Strategic Implications for the Market
Thumzup’s acquisition of Dogehash Technologies comes on the heels of a $50 million stock offering in July, earmarked for mining expansion and digital asset accumulation. The company plans to leverage Dogecoin’s DogeOS layer 2 to stake in DeFi products, aiming to enhance miner returns beyond standard rewards. By investing in infrastructure rather than simply buying coins, Dogehash secures direct exposure to Dogecoin (DOGE) and Litecoin (LTC) block rewards at a lower cost base.
However, not all is rosy for Thumzup. The company’s stock took a hit, plummeting 41% to $5.01 on the day of the announcement. Investors seem wary of the pivot’s execution risks and the volatile nature of the cryptocurrency market. Yet, the long-term potential of the merger could outweigh the short-term challenges.
Looking Ahead: What Lies on the Horizon?
The crypto market is notorious for its unpredictability, and Thumzup’s ambitious move raises questions about the future. Will Dogehash Technologies Holdings, Inc. manage to scale its operations effectively? Can the Trump family’s ventures sustain their momentum amidst market fluctuations? The answers to these questions are not clear-cut.
While the deal highlights the Trump family’s growing influence in the crypto sphere, it also underscores the inherent risks and uncertainties of the market. As the industry evolves, the success of such ventures will depend on their ability to adapt and innovate in response to changing market conditions. For now, all eyes are on Thumzup and its bold gambit in the world of crypto mining.
Source
This article is based on: Trump Family Expands Crypto Bets as Thumzup Pivots Into Dogecoin Mining
Further Reading
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Steve Gregory is a lawyer in the United States who specializes in licensing for cryptocurrency companies and products. Steve began his career as an attorney in 2015 but made the switch to working in cryptocurrency full time shortly after joining the original team at Gemini Trust Company, an early cryptocurrency exchange based in New York City. Steve then joined CEX.io and was able to launch their regulated US-based cryptocurrency. Steve then went on to become the CEO at currency.com when he ran for four years and was able to lead currency.com to being fully acquired in 2025.
