The Trump family, notably linked to the former U.S. President, seems to be warming up to the world’s biggest "dog-themed" meme coin. Thumzup, a social media company backed by Donald Trump’s children, recently shared plans for a cryptocurrency treasury strategy. Now, it’s getting ready to dive into Dogecoin (DOGE) mining by buying a mining firm. This isn’t the first time a Trump-backed company has embraced digital assets for its finances.
A press release this week from Thumzup confirmed multiple agreements to acquire Dogehash Technologies. Dogehash is known for mining cryptocurrencies that use the Scrypt algorithm, like Dogecoin and Litecoin. This deal will happen entirely through stock exchanges. As part of the deal, Dogehash shareholders will trade all their stakes for 30.7 million shares of Thumzup. Both companies stated this in their joint announcement. The newly acquired mining company will then be known as "Degohash Technologies Holdings." It plans to list on the Nasdaq stock exchange under the ticker "XDOG."
Dogecoin Mining Plans
The deal aims to turn the new entity into a major global player in Dogecoin mining. It will use Dogehash’s current setup, which includes about 2,500 Scrypt ASIC mining machines across North America. The company intends to grow these operations further by 2026. Beyond just mining, the company has other tricks up its sleeve. They plan to use Dogecoin’s Layer 2 (L2) infrastructure, including decentralized finance (DeFi) products within the DogeOS system. This move is meant to boost what miners earn, adding to the usual block rewards. The transaction should be finalized in the fourth quarter of 2025. This depends on shareholders approving the deal, among other standard conditions.
Thumzup’s Growing Crypto Footprint
Thumzup, established in 2020, operates as an online marketing firm. It pays social media users to promote brands to their followers. Earlier this year, Thumzup shifted its corporate strategy. The company started building up its Bitcoin reserves and allowed users to receive payments in Bitcoin.
This acquisition follows Thumzup’s recent success in raising $50 million. That money was specifically for growing its crypto-focused business strategy. The company had stated it aimed for a bold expansion into digital asset mining and token purchases. This $50 million raise came from a stock offering priced at $10 per share. The Block reported that Donald Trump Jr., son of the former U.S. President, was listed as a major individual shareholder selling his stake during this offering.
Robert Steele, Thumzup’s CEO, commented on the move in this week’s press release. He said it "accelerates our evolution from a digital marketing platform." Thumzup is becoming a diverse company focused on digital asset infrastructure and treasury. "Our goal isn’t just to mine Dogecoin and Litecoin efficiently," Steele explained. "We also want to find practical uses. We see Dogecoin’s quick settlements and low fees as perfect for everyday payments and rewards."
Trump Family’s Broader Crypto Connections
Thumzup’s entry into the crypto world isn’t a one-off event. It mirrors a larger trend. More public companies are now building their financial plans around these new digital assets. Some companies, like Metaplanet and XXI, are actively adding Bitcoin to their financial holdings. Others, such as Bitmine and Sharplink, prefer Ethereum as their main treasury asset, much like Strategy did with Bitcoin. A smaller group has also gone for other digital coins, known as altcoins, including Solana, and even the meme coin DOGE. The Trump family is known to support several public companies with crypto treasury plans. These include American Bitcoin, a cryptocurrency mining firm, and Trump Media, a social media and entertainment business.