Trump-linked $Thumzup Media Corporation is making a big bet on Dogecoin mining. In a shareholder letter released Thursday, the company said it has signed definitive agreements, pending shareholder approval, to acquire a Dogecoin mining business. The deal includes 2,500 rigs already in operation, with another 1,000 on order, for a total of 3,500 machines.
Thumzup, which in August announced its pivot from adtech to crypto mining through the planned takeover of DogeHash Technologies, will rename the combined company Dogehash Technologies Holdings and trade under the ticker XDOG. The shift follows the completion of a $50 million share offering in August.
The firm plans to run 3,500 Bitmain Antminers for Dogecoin mining. Based on today’s prices, it estimates annual revenue of about $22.7 million. If Dogecoin were to climb to $1, the company says revenue could soar to $103 million.
At the time of the announcement, DOGE was trading at $0.214, down more than 70% from its 2021 all-time high.
Trump Family Ties Deepen $Thumzup’s Profile
Thumzup pointed to BIT Mining as a benchmark, noting that the publicly traded miner revealed in December its Dogecoin operations were nearly three times more profitable than mining Bitcoin (BTC $113,185) alone.
The company underscored Dogecoin’s market strength, citing its $32 billion market cap and $1.3 billion in daily trading volume, calling it “one of the most widely held cryptocurrencies.” Thumzup says it is positioning itself as one of the few publicly traded, large-scale Dogecoin miners, referencing the $10.5 billion crypto mining market, which analysts expect to more than double by 2035.
Beyond Bitcoin, Thumzup’s board has approved holding a basket of digital assets including Dogecoin (DOGE $0.2201), Litecoin (LTC $114.04), Solana (SOL $209.10), XRP ($2.87), Ether (ETH $4,467), and USDC ($0.9996). According to BitcoinTreasuries.NET, the company currently holds 19.1 BTC, valued at about $2.1 million.
The Trump family tie adds another layer: a July filing showed Donald Trump Jr. purchased 350,000 shares in Thumzup, while the company’s fundraising has been supported by Dominari Securities, an investment bank linked to the family.
On Thursday, Thumzup’s stock (TZUP) closed 5.3% higher at $5.57, per Google Finance. While shares have dropped sharply from their August peak above $15, they are still up 62% year-to-date.
