Thumzup Media, the crypto treasury firm linked to the Trump family, announced plans to acquire Dogecoin mining firm Dogehash. The all stock deal is valued at 30.7 million shares or $50 Million.
The acquisition, expected to close later this year, marks a significant step in Thumzup’s aggressive push into the digital asset space.
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The merger will revolutionize the memecoin space of the crypto eco-system.
What does the Thumzup Media and Dogecoin Mining Firm Dogehash Deal entail?
Thumzup CEO Robert Steele is extremely positive about the merger beyond just an acquisition.
Under the terms of the deal, Dogehash shareholders will exchange their holdings for 30.7 million shares of Thumzup stock.
Post-acquisition, Dogehash will rebrand as Degohash Technologies Holdings and trade on the Nasdaq under the ticker “XDOG.”
The merger aims to integrate Dogehash’s cutting-edge mining technology with Thumzup’s expanding infrastructure, creating a powerhouse in the Dogecoin ecosystem.
“This acquisition is more than just expanding our digital asset treasury. We’re building a vertically integrated ecosystem that leverages Dogecoin’s fast, low-cost settlement layer to deliver scalable infrastructure, renewable-powered production, and real-world utility for miners and users alike.”
Robert Steele
Is the acquisition part of a trend?
The announcement follows Thumzup’s recent $50 million capital raise, which fueled its pivot to a crypto-centric strategy.
The funds are deployed to acquire advanced mining rigs to enhance the company’s digital asset reserves.
Analysts say this strategy mirrors the playbook of Michael Saylor’s Strategy.
Thumzup, originally founded in 2020 as an online marketing platform that rewarded social media users for brand promotions.
It has rapidly transformed into a crypto-focused contender, amassing Bitcoin for its treasury and enabling BTC payments for its users.
How has the market reacted to this acquisition?
Despite a 41% drop in Thumzup’s stock price over the past 24 hours, closing at $5.03 the company’s shares are up an impressive 52% year-to-date.
The acquisition of Dogehash positions Thumzup to capitalize on Dogecoin’s growing popularity.
This acquisition indeed could be a game-changer for both companies and the Dogecoin community at large.
Thumzup also aims to deliver higher yields for miners and solidify its role as a leader in the memecoin’s mining ecosystem.
