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Thumzup Media Stock Falls 41% After Announcing Dogecoin Mining Acquisition
Thumzup Media, a cryptocurrency treasury firm with backing from the Trump family, has announced its strategic acquisition of Dogecoin mining company Dogehash in an all-stock deal that signals a major expansion into the memecoin mining sector.
Deal Details and Market Impact
The acquisition, announced Tuesday, will see Dogehash shareholders exchange their holdings for a combined 30.7 million shares of Thumzup stock. Following the merger, the mining operation will rebrand as Degohash Technologies Holdings and begin trading on the Nasdaq Stock Market under the ticker symbol “XDOG.”
Thumzup shares closed at $5.03 on Tuesday, reflecting a 41% decline over the past 24 hours, though the stock remains 52% higher year-to-date according to Yahoo Finance data.
Strategic Vision for Dogecoin Ecosystem
Robert Steele, CEO of Thumzup, outlined an ambitious vision that extends beyond traditional mining operations. “Beyond expanding our digital asset treasury, we see opportunities to align Dogecoin’s fast, low-cost settlement layer to go beyond a mining operation and build a vertically integrated ecosystem,” Steele explained to Decrypt.
The integrated approach will combine scalable infrastructure, renewable-powered production, and utility-driven applications specifically designed for the Dogecoin network.
Corporate Treasury Trend Continues
This acquisition follows Thumzup’s recent $50 million funding round aimed at expanding its crypto-focused corporate strategy through mining equipment purchases and digital asset accumulation. The move aligns with a broader trend among publicly traded companies following Michael Saylor’s Strategy playbook.
American Bitcoin and Kindly MD have acquired hundreds of millions in Bitcoin, while Bitmine Immersion and Sharplink Gaming have invested billions in Ethereum. The treasury diversification extends to altcoins including XRP and Solana.
Company Background and Future Goals
Originally founded in 2020 as an online marketing platform that compensated social media users for brand promotion, Thumzup pivoted to cryptocurrency earlier this year, accumulating Bitcoin reserves and enabling BTC payments for users.
Upon deal completion, the combined entity aims to establish itself as a leading Dogecoin mining platform, focusing on delivering enhanced yields for memecoin miners across the ecosystem.
