Thumzup backs DogeHash with $2.5 million loan to grow Dogecoin miner fleet
Quick Take
- Thumzup initiated a $2.5 million loan to DogeHash to expand its fleet beyond 4,000 Dogecoin miners.
- Dogecoin treasuries and ETFs are continuing to gain traction in 2025, but token and share prices are struggling.
Nasdaq-listed Thumzup Media (ticker TZUP) is loaning $2.5 million to DogeHash Technologies to accelerate the deployment of more than 500 new Dogecoin ASIC miners, the company announced today.
The funding brings DogeHash’s expected fleet size above 4,000 rigs by year-end and comes ahead of Thumzup’s pending acquisition of the miner, which is currently awaiting shareholder approval.
The deal marks another crypto-forward move for the digital ad firm, which recently approved a $10 million share repurchase plan and holds over 19 BTC and 7.5 million DOGE in its treasury, valued at a combined $3.85 million.
Thumzup began accumulating crypto in January and has board authorization to hold up to $250 million in digital assets.
DogeHash CEO Parker Scott called the loan a catalyst for deploying “cutting-edge” ASIC hardware during a “pivotal period for the Dogecoin market.”
ETF and treasury tailwinds
Dogecoin, which exploded during the 2021 bull run from fractions of a cent to over $0.75 in a matter of months, has struggled to reclaim that momentum. It’s currently trading around $0.23 after briefly topping $0.30 earlier this month, according to The Block's DOGE price data.
Shares of Thumzup have also cooled following hype-driven gains seen in many 2025 crypto treasury entrants. The stock is now trading at $5.20 — down more than 65% from its peak in early August, above $15.
Thumzup is not alone in its Dogecoin accumulation strategy. Nasdaq-listed CleanCore Solutions now holds over 600 million DOGE after initiating its treasury this month with a pledge to buy up to 1 billion tokens. The company, affiliated with the House of Doge and the Dogecoin Foundation, has said it ultimately aims to secure 5% of DOGE’s circulating supply.
The DOGE trade has also gained momentum from ETF tailwinds. The REX-Osprey Dogecoin ETF (DOJE) began trading on Sept. 18, drawing more than $17 million in first-day volume.
“$DOJE was no slouch at $17m, which would be top 5 for the year out of 710 launches,” Bloomberg Intelligence analyst Eric Balchunas wrote on X at the time.
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