Trump-Linked Thumzup Media to Acquire Dogehash, Targeting Dogecoin Mining Dominance
Thumzup Media, a Nasdaq-listed firm tied to the Trump family, has announced an all-stock deal to acquire Dogehash Technologies, Inc., aiming to build one of the largest Dogecoin mining platforms. The merged company will operate under the name Dogehash Technologies Holdings, Inc. (XDOG).
Dogehash currently runs about 2,500 advanced ASIC miners across North America, with additional capacity expected later this year. The merger, valued at roughly $50 million, will issue 30.7 million Thumzup shares to Dogehash stakeholders, pending approval. Closing is expected by Q4 2025. 
Thumzup CEO Robert Steele said the acquisition marks the firm’s transition from a marketing platform into a digital asset infrastructure and treasury business, emphasizing Dogecoin and Litecoin mining as well as exploring utility-driven payment use cases. Dogehash CEO Parker Scott added that the company has already established a utility-scale Dogecoin mining operation, positioning it ahead of mainstream adoption.
The deal follows Thumzup’s recent $50 million fundraising, which supports hardware purchases and a diversified crypto treasury. The board also authorized plans to expand holdings to $250 million, including XRP, USDC, DOGE, and other high-liquidity assets. 
Market reaction was sharp: Thumzup stock plunged 46% on the news, dropping from $8.28 to $4.60, before recovering above $5. Analysts cited dilution concerns and execution risks. Meanwhile, Dogecoin slipped 1.09% to $0.213, extending a weekly loss of more than 11%, though experts say this was due to broader market weakness rather than the merger itself.
