- Thumzup Media pivots to crypto with $250M authorization and a $1M Bitcoin purchase.
- The firm will acquire Dogehash Technologies and expand Dogecoin mining with 3,500 rigs.
- Thumzup expands Coinbase Prime partnership and launches a crypto advisory board.
Thumzup Media, partly owned by Donald Trump Jr., is moving into cryptocurrency and has authorized up to $250 million in digital asset investments and also confirmed a $1 million purchase of Bitcoin. Additional holdings now include DOGE, LTC, SOL, XRP, ETH, and USDC. This step represents a clear expansion from Thumzup’s origins in social media marketing.
Dogehash Acquisition and Mining Expansion
The firm recently agreed to acquire Dogehash Technologies in an all-stock deal. Following the acquisition, the company will be renamed Dogehash Technologies Holdings, Inc, and will trade on Nasdaq under the new ticker “XDOG.” The deal is expected to close before year-end, pending shareholder approval.
Dogehash Technologies has existing ties with mining machine manufacturer ElphaPex. Through this partnership, Thumzup proposes to build a major Dogecoin mining operation. The company has already ordered 2,500 mining machines, with another 1,000 potentially on the way.
Earlier this month, Thumzup raised $50 million through a stock offering to support its mining expansion and digital asset strategy. The company expects to scale its fleet beyond the 3,500 planned rigs. According to Bitmain’s mining calculator, such capacity could generate revenues between $22.7 million and $100 million annually, depending on Dogecoin’s market price.
CEO Robert Steele said the deal will create “significant shareholder value” through diversified revenue streams. The company also believes its new focus may surpass the potential of its original advertising platform.
Related: Dogecoin PoW vs PoS Debate Raises Split Concerns: Report
Strengthening Market Position with Partnerships
Thumzup has also expanded its financial relationship by partnering with Coinbase Prime, securing a Bitcoin-backed credit facility, which will provide access to institutional-level trading services. Additionally, the company formed a crypto advisory board and appointed Alex Hoffman, head of ecosystem at DogeOS, as the first member.
The company’s shareholder letter detailed its evolution, describing the initial Bitcoin purchases of $1 million in January, followed by another $1 million weeks later. Positive investor reactions encouraged larger fundraising rounds. In June, Thumzup secured $6.5 million at $6 per share. By August, it closed a $50 million all-stock offering at $10 per share through Dominari Securities.
Dominari Securities also brought new strategic investors into the company, strengthening Thumzup’s balance sheet and positioning it for its crypto-focused growth strategy. The firm said the acquisition of Dogehash, combined with expanded mining operations, could accelerate revenue growth into 2026 and beyond.
Thumzup listed on Nasdaq last October with an $8.2 million offering at $5 per share. At the time, the company positioned itself as a disruptor in digital advertising. Its platform allowed creators on Instagram and TikTok to earn directly from advertisers. Today, that model remains part of the business. However, cryptocurrency mining and asset investments are now central to its strategy.
Current market data shows Thumzup’s average trading volume at 750,975, and its market capitalization is $90.37 million. Technical signals currently suggest a “sell” sentiment. Analysts also highlight the stock’s beta of 2.21, reflecting higher volatility compared to the broader market.
