Thumzup Shares Drop After Deal to Buy Dogecoin-Mining Platform

By Chris Wack

Thumzup Media shares were 57% lower, at $3.65, after the company said it was buying Dogehash Technologies in an all-stock transaction.

Dogehash is an industrial-scale blockchain-infrastructure company focused exclusively on mining Scrypt-algorithm assets such as Dogecoin and Litecoin.

Culver City, Calif.-based Thumzup on Tuesday said the combined company will look to become the world's leading Dogecoin-mining platform.

DogeHash currently has an operating fleet of about 2,500 Scrypt ASIC miners in North America, and has additional units expected to be placed in service later this year with the goal of materially increasing its production by year-end and throughout 2026, said the companies.

Under the terms of the agreement, Dogehash shareholders will exchange 100% of their holdings for 30.7 million shares of Thumzup stock and the company will be renamed Dogehash Technologies Holdings under the new symbol XDOG.

Write to Chris Wack at chris.wack@wsj.com