Trump-backed Thumzup eyes 3,500 Dogecoin mining rigs with pending acquisition
Quick Take
- Thumzup Media plans to set up 3,500 Dogecoin mining rigs by year-end with the pending acquisition of mining firm Dogehash.
- Thumzup also said it is expanding its crypto treasury to include Dogecoin, Litecoin, Solana, XRP, ether and USDC.
Thumzup Media Corporation, the Nasdaq-listed company backed by Donald Trump Jr., announced Thursday that it plans to add 3,500 Dogecoin mining rigs to its business.
According to its latest shareholder letter, Thumzup intends to acquire an existing network of 2,500 Doge mining rigs, with an additional 1,000 planned for later in the year, upon shareholder approval of its previously disclosed acquisition plan of crypto miner Dogehash.
"Cryptocurrency mining presents what could be one of the greatest opportunities for value creation in the industry," the company said. "We believe this should generate a material amount of high margin revenue for the combined companies."
The company announced last month that it is on track to acquire Dogehash in an all-stock deal. Dogehash mines exclusively on the Scrypt algorithm, which is used by Dogecoin and Litecoin.
Thumzup said the acquisition and subsequent mining rig setup is projected to generate an estimated revenue ranging from $22.7 million at current Dogecoin prices to $103.19 million if Dogecoin reaches $1. Dogecoin is up 0.34% in the past 24 hours, trading at $0.22, according to The Block's price page.
The company, which started its crypto treasury in January with a $1 million investment in bitcoin, said it recently received approval from the board to hold Dogecoin, Litecoin, Solana, XRP, ether and USDC.
Thumzup's stock closed up 5.29% at $5.57 on Thursday, according to Yahoo Finance data.
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