Thumzup Media Corporation has provided DogeHash Technologies with a $2.5 million loan to expand Dogecoin mining capacity ahead of its pending acquisition of the mining firm.
The financing will support deployment of more than 500 new ASIC miners, potentially bringing total operational rigs to over 4,000 by year-end, according to a Tuesday announcement from the Nasdaq-listed digital asset accumulator.
The capital infusion follows Thumzup’s August agreement to acquire DogeHash in an all-stock deal that will create what executives describe as the world’s largest Dogecoin mining platform.
DogeHash shareholders will swap all holdings for 30.7 million Thumzup shares, with the combined company rebranding as DogeHash Technologies Holdings and trading under ticker XDOG upon deal closure expected in the fourth quarter.
Thumzup gained attention in July when Donald Trump Jr., son of President Donald Trump, purchased 350,000 shares worth nearly $3.3 million at the time.
The company has rapidly transformed from a social media marketing firm into a crypto-focused operation since launching its digital asset strategy in January with a $1 million Bitcoin purchase.
From $50M Raise to 4,000 Mining Rigs in Six Months
Thumzup raised $50 million in August through a $10-per-share offering to fund large-scale crypto mining infrastructure and targeted blockchain investments.
The company’s board authorized up to $250 million in total crypto holdings, including Bitcoin, Dogecoin, Litecoin, Solana, XRP, Ether, and USDC.
DogeHash currently operates approximately 2,500 Scrypt ASIC miners across North American colocation sites, focused on producing Dogecoin and Litecoin.
The new $2.5 million loan will add over 500 cutting-edge miners during what DogeHash CEO Parker Scott called “a pivotal period for the Dogecoin market.”
Thumzup CEO Robert Steele stated the company is “enthusiastic about all the recent developments in the Dogecoin ecosystem” and looks forward to building “a premier Doge mining company together” with DogeHash.
The combined entity plans to leverage Dogecoin’s Layer-2 infrastructure through DeFi staking products built into the DogeOS ecosystem.
In September, Thumzup purchased approximately 7.5 million Dogecoin tokens for $2 million at a weighted average price of $0.2665, marking its first open-market DOGE acquisition.
The company now holds 19.106 Bitcoin and around 7.5 million Dogecoins in its treasury.
Thumzup appointed Jordan Jefferson, CEO and co-founder of DogeOS and head of Dogecoin wallet MyDoge, to its Crypto Advisory Board alongside DogeOS executive Alex Hoffman.
Jefferson, whose platform is backed by Polychain Capital, has been active in Bitcoin and blockchain development since 2011.
The company also launched a $10 million share buyback program in September, which will extend through December 2026, following the completion of a $1 million repurchase that bought back 212,432 shares at an average price of $4.71.
Shares climbed 5.7% to $4.81 following the announcement, giving Thumzup a market cap of roughly $78 million.
Trump Family Crypto Empire Expands Across Mining and Memecoins
The Trump family has rapidly built extensive crypto holdings across multiple ventures.
American Bitcoin, co-founded by Eric Trump and backed by Donald Trump Jr., surged 110% at its September debut following an all-stock merger with Nasdaq-listed Gryphon Digital Mining, giving the company a $7.7 billion market value.
At peak prices, the brothers’ combined stake was briefly worth $2.6 billion before closing at around $1.5 billion.
At that time, American Bitcoin operates roughly 6,000 mining computers and entered into a $2.1 billion controlled stock offering with Cantor Fitzgerald and Mizuho Securities to acquire more Bitcoin and upgrade mining technology.
Eric Trump predicted at the Bitcoin 2025 Asia conference in Hong Kong that Bitcoin would eventually reach $1 million, stating, “everybody wants Bitcoin, everybody is buying Bitcoin.”
Trump Media & Technology Group raised $2.5 billion in May to build a massive Bitcoin Treasury, and most recently launched a new $6.42 billion digital asset treasury company in partnership with Crypto.com.
The family’s ventures also include NFT trading cards, two memecoins, and the Truth Social Bitcoin ETF.
However, while bullish for the crypto community, the family’s crypto ventures have drawn criticism from Democratic lawmakers and ethics experts regarding potential conflicts of interest.
Thumzup’s stock is up 3.80% to $5.00 on Wednesday following the announcement of its expansion. Dogecoin also rose nearly 1% to $0.23 at the same time.
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