Dogecoin mining pivot signals bold move into crypto sector
Thumzup Media Corporation, a company with ties to Donald Trump Jr., has announced plans to acquire 3,500 Dogecoin mining rigs, projecting potential annual revenues of up to $103 million if Dogecoin reaches the $1 mark.
From adtech to large-scale Dogecoin mining
In a recent shareholder letter, the company revealed it has executed agreements—pending shareholder approval—to acquire DogeHash Technologies, which currently operates thousands of Dogecoin miners. The deal includes 2,500 rigs already active with an additional 1,000 on order.
The combined entity will be renamed Dogehash Technologies Holdings and listed under the ticker XDOG. Thumzup recently completed a $50 million share offering to finance the transition, marking a strategic shift away from its advertising technology background.
Revenue projections depend on Dogecoin price
At today’s Dogecoin price of $0.214, the company estimates $22.7 million in annual revenue. However, if the token surges to $1, earnings could exceed $103 million annually.
Industry analysts note that Dogecoin mining has become increasingly attractive. A December report from BIT Mining highlighted that Dogecoin mining operations were nearly three times more profitable than Bitcoin mining alone.
“Dogecoin remains one of the most widely held cryptocurrencies, with a market capitalization above $32 billion,” Thumzup stated in its announcement.
Trump Jr.’s investment and crypto treasury strategy
According to filings, Donald Trump Jr. purchased 350,000 shares of the company earlier this year. The Trump family also has deeper ties through Dominari Securities, the investment bank assisting in Thumzup’s fundraising.
The company board has also authorized holding a diversified crypto treasury, including Bitcoin, Dogecoin, Litecoin, Solana, XRP, Ether, and USDC. Current holdings include 19.1 BTC valued at about $2.1 million.
While Dogecoin is still down more than 70% from its 2021 peak, Thumzup is positioning itself as a rare publicly traded, utility-scale Dogecoin miner. With the global crypto mining industry projected to more than double by 2035, the company is betting big on the meme coin’s long-term growth potential.
Disclaimer
This content is for informational purposes only and does not constitute financial, investment, or legal advice. Cryptocurrency trading involves risk and may result in financial loss.