Thumzup Media plans to acquire Dogehash Technologies in an all-stock deal.
Dogehash CEO emphasises strategic advantages of dedicated mining infrastructure for decentralized technology opportunities. The Nasdaq-listed company Thumzup Media Corporation has announced plans to enter the digital asset mining ecosystem as it continues to build on its success in the digital marketing service industry. Thumzup revealed an all-stock transaction to acquire Dogehash Technologies, and expanded into the quickly growing cryptocurrency infrastructure domain.
Thumzup Heads To Dominate Crypto Mining Space
The planned acquisition will unite two companies that have complementary experiences in the blockchain technology industry. Dogehash has about 2,500 industrial-level ASIC mining devices in several facilities in North America. These are specialized computers that are used to mine Scrypt-based cryptocurrencies, especially Dogecoin and Litecoin tokens.
The merged company will be renamed Dogehash Technologies Holdings after the completion of the merger. The new company will be listed on large stock markets with the ticker symbol XDOG. To undertake the transaction with Dogehash investors, Thumzup shareholders will offer 30.7 million stock shares.
Robert Steele, the chief executive officer of Thumzup, termed the deal a transformational one for the company. He highlighted the role of the acquisition in transforming traditional digital marketing into an all-inclusive asset management. The merger offers access to renewable energy sources and advanced mining hardware capabilities. Parker Scott, the CEO of Dogehash, has emphasized the strategic benefits of having its own dedicated mining infrastructure. He stated that the mainstream use of decentralized technologies presents huge opportunities to established operators.
The deal must be approved by shareholders before it is finalized, and it is expected to be completed in the fourth quarter of 2025. Thumzup had earlier raised $50 million in public offerings to invest in cryptocurrencies and buy equipment.
The reaction of the market was volatile after the announcement, with Thumzup shares falling by almost 46% in the initial stages. Its stock declined to $4.60 after being at $8.28 and then rose to above $5.00 in recent times. Financial analysts cited execution risks and the possibility of shareholder dilution as the causes of the selloff.
The Dogecoin itself was under pressure, declining by 1.09% to $0.213 as part of the broader cryptocurrency market corrections. The weekly losses were above 11%, and the amount of futures liquidations was recently at $23.2 million.
The board of the company had earlier approved the increase of its portfolio of cryptocurrencies to a total of $250 million. It is planned to allocate XRP, USDC, DOGE, and other high-liquidity digital assets to diversify.