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Thumzup Media Corporation (NASDAQ:TZUP) on Thursday announced it is pursuing the acquisition of DogeHash Technologies, a move that would bring 3,500 Dogecoin (CRYPTO: DOGE) mining rigs under its control.
What Happened: The pending deal, disclosed in a shareholder letter, marks a strategic shift for the company from advertising technology to large-scale cryptocurrency mining.
The Los Angeles-based firm said DogeHash currently operates 2,500 Dogecoin mining rigs, with another 1,000 expected for delivery later this year.
Completion of the acquisition is subject to shareholder approval.
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Thumzup estimated that a fleet of 3,500 rigs could generate between $22.7 million and $51.6 million in annual revenue, depending on Dogecoin’s market price.
The company cited external estimates from Bitmain’s (AMEX:BMNR) Antminer calculators to illustrate potential outputs.
Why It Matters: The move comes after Thumzup raised $50 million in an all-stock offering at $10 per share in August, bolstering its balance sheet for expansion.
The company also disclosed prior investments in Bitcoin (CRYPTO: BTC) and said its board has authorized holdings in multiple digital assets, including Dogecoin, Litecoin (CRYPTO: LTC), Solana (CRYPTO: SOL), Ripple (CRYPTO: XRP), Ether (CRYPTO: ETH), and USD Coin (CRYPTO: USDC).
The DogeHash acquisition positions Thumzup among a growing field of publicly traded crypto miners.
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According to industry research, the global cryptocurrency mining market is valued at $10.5 billion in 2025 and projected to more than double by 2035.
Dogecoin, with a market capitalization above $36 billion as of August, remains one of the most widely held cryptocurrencies globally, now in more than 5 million wallets.
Thumzup’s entry into mining follows recent U.S. policy developments, including executive actions under President Donald Trump aimed at strengthening the country’s role in digital finance and establishing a strategic Bitcoin reserve.
While expanding into mining, the company continues to operate its original AdTech platform, which it said surpassed 34,000 paid social media posts by August.
