Thumzup Media Enters Dogecoin Mining With DogeHash Deal And $50M Push
Thumzup Media (NASDAQ: TZUP) plans to enter mining through the acquisition of DogeHash Technologies, Inc., a Dogecoin mining firm. The company said the move would strengthen its position in the crypto mining industry, particularly in North America.
The acquisition centers on DogeHash’s facility, which operates 2,500 mining rigs, including 1,000 active miners. The deal is expected to close later this year. In addition, Thumzup will allocate $50 million toward expanding its Dogecoin mining operations.
Dogecoin remains the largest memecoin in the market, with a capitalization of $32.7 billion and a trading volume of $1.58 billion at press time, according to CoinMarketCap. Mining revenue calculator project that if DOGE were to reach $1 with a 3,500 mining capacity, its revenue would rise to $103.19 million. At press time, the asset traded at $0.21, with a mining revenue of $22.70 million.
As part of strengthening its crypto strategy, Thumzup appointed Alex Hoffman, head of ecosystem at DogeOS, as the first member of its crypto advisory board.
Expanding Digital Asset Holdings
Thumzup also disclosed that it holds 19.1 BTC valued at $2.1 million, purchased at diverse intervals in January as part of its BTC Allocation Strategy. The initiative is being executed in partnership with Coinbase Prime, institutional investment platform.
The company’s board has further authorized it to expand into other digital assets, approving reserves in Dogecoin (DOGE), Litecoin (LTC), Solana (SOL), Ripple (XRP), ETH (ETH), and USD Coin (USDC).
Thumzup said the strategy aligns with its goal of competing globally as the U.S. government supports the sector through new policies, including the .
Wider Market Context
Thumzup’s announcement comes in the identical week that , a decentralized Dogecoin mining service targeting both retail and institutional users, a sign of heightened competition in the sector.
Despite the news, TZUP stock dropped 5.9% in the past day, according to TradingView, continuing its weeks-long consolidation phase.
The market reaction mirrors its performance in January, when Thumzup disclosed a $1 million BTC purchase. At the time, the stock consolidated without significant gains until January 31, when it eventually broke down from its trading channel.
