Trump Jr.-backed Thumzup crypto treasury company pursues all stock deal with Dogecoin and Litecoin miner

The Block

Aug 19, 2025 21:55:56

Share to

Thumzup (ticker TZUP), the social media firm with a recently announced crypto treasury play backed by Donald Trump Jr., will acquire Dogehash Technologies in an all-stock deal. The purchase appears to be part of Thumzup’s new direction into crypto mining.

Dogehash is an industrial‑scale blockchain miner focused exclusively on the Scrypt algorithm used by Dogecoin and Litecoin. Last week, Thumzup said it would use capital from a $50 million all common stock offering to put assets like BTC, ETH, DOGE, LTC, and XRP on its balance sheet while also funding a new mining division.

“The combined company aims to become the world's leading Dogecoin mining platform and will leverage Dogecoin Layer-2 infrastructure via staking in DeFi products within the DogeOS ecosystem to enhance miner economics and amplify yield beyond base block rewards,” Thumpzup wrote in a release.

DogeHash currently has 2,500 Scrypt ASIC miners in operation in North America using mostly renewable electricity sources, according to the announcement. It has plans to expand this fleet.

Under the terms of the agreement, Dogehash shareholders will exchange 100% of their holdings for 30.7 million shares of Thumzup stock. The company will be renamed "Dogehash Technologies Holdings, Inc." and trade on the Nasdaq under the new symbol "XDOG." The deal is expected to close by the end of the year.

In the registration statement for its $50 million offering in July, Thumzup reported that Donald Trump Jr. was a large shareholder in the company. The Trump family has an ever-growing web of relationships across the crypto industry, including in the mining sector through the American Bitcoin treasury and mining play.

TZUP is down over 30% at press time to $5.89, though remains up 132.77% over the past six months.

Disclaimer: The Block is an independent media outlet that delivers news, research, and data. As of November 2023, Foresight Ventures is a majority investor of The Block. Foresight Ventures invests in other companies in the crypto space. Crypto exchange Bitget is an anchor LP for Foresight Ventures. The Block continues to operate independently to deliver objective, impactful, and timely information about the crypto industry. Here are our current financial disclosures.