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Thumzup Media Corporation has issued a $2.5 million loan to DogeHash Technologies to accelerate its DogeHash Dogecoin mining expansion. The financing, announced Tuesday, will support the deployment of more than 500 new ASIC miners, potentially raising DogeHash’s total to over 4,000 operational rigs by year-end.
The loan follows Thumzup’s August 2025 agreement to acquire DogeHash in an all-stock transaction. Once complete, the combined firm will rebrand as DogeHash Technologies Holdings and trade under the ticker XDOG on Nasdaq.
Thumzup CEO Robert Steele said the deal positions the company at the forefront of memecoin mining:
“We’re enthusiastic about all the recent developments in the Dogecoin ecosystem and believe this DogeHash Dogecoin mining expansion will establish a premier Doge mining company together.” — Robert Steele, CEO, Thumzup Media
Under the terms of the acquisition, DogeHash shareholders will exchange all existing holdings for 30.7 million Thumzup shares. The merger is expected to close in the fourth quarter, pending regulatory approval.
DogeHash CEO Parker Scott described the timing as crucial:
“This DogeHash Dogecoin mining expansion comes at a pivotal period for the Dogecoin market, where network growth and new infrastructure will be decisive.” — Parker Scott, CEO, DogeHash
The expansion is part of Thumzup’s larger crypto strategy. The Nasdaq-listed company authorized up to $250 million in digital asset holdings, including Bitcoin (BTC), Dogecoin (DOGE), Litecoin, Solana, XRP, Ethereum, and USDC.
In September, Thumzup purchased 7.5 million Dogecoin tokens for $2 million at an average price of $0.2665. Combined with its Bitcoin treasury, the company now holds 19.1 BTC and 7.5 million DOGE.
Thumzup’s rapid pivot into digital assets began in January 2025, when it invested $1 million in Bitcoin. By August, it had raised $50 million in a $10-per-share offering to fund crypto mining infrastructure and blockchain ventures.
The firm also authorized a $10 million share buyback program running through December 2026. In September, Thumzup repurchased over 212,000 shares at an average price of $4.71. Following the DogeHash financing news, shares rose 5.7% to $4.81, giving the company a market cap near $78 million.
The DogeHash Dogecoin mining expansion also reflects the broader influence of the Trump family in crypto. Eric Trump and Donald Trump Jr. co-founded American Bitcoin, which went public in September via a merger with Gryphon Digital Mining. The company surged 110% on debut, giving it a $7.7 billion valuation.
“Everybody wants Bitcoin, everybody is buying Bitcoin… and it’s only a matter of time before we see $1 million per coin.” — Eric Trump, Co-Founder, American Bitcoin
Beyond Bitcoin, the Trump family has pursued NFTs, memecoins, and a Truth Social Bitcoin ETF, alongside launching a $6.42 billion digital asset treasury company with Crypto.com.
Critics, however, argue that these ventures raise questions. Democratic lawmakers and ethics experts have flagged potential conflicts of interest tied to the family’s political influence and financial activities.
Dogecoin prices rose nearly 1% to $0.23 following the announcement, while Thumzup’s stock advanced to $5.00 midweek. Market analysts believe the DogeHash Dogecoin mining expansion could strengthen the network’s hash rate and deepen institutional exposure to Dogecoin.
According to Blockchain.com data, Scrypt ASIC mining which powers both Dogecoin and Litecoin has become increasingly competitive as memecoins enter mainstream portfolios.
Industry experts suggest that the combined DogeHash–Thumzup entity could become the world’s largest dedicated Dogecoin miner if its 4,000-rig target is achieved by year-end.
The $2.5 million loan from Thumzup underscores its commitment to a full-scale DogeHash Dogecoin mining expansion, positioning the combined company as a heavyweight in memecoin infrastructure.
By pairing mining with treasury accumulation and advisory roles tied to DogeOS and MyDoge, Thumzup aims to create a vertically integrated ecosystem for Dogecoin.
For crypto investors, the development highlights how institutional capital is flowing into memecoin mining at a time when retail enthusiasm remains strong. For policy makers, it raises new questions about transparency, energy use, and governance in a sector blending finance, politics, and pop culture.
