Thumzup raised $50 million through Dominari Securities to fund its crypto expansion.
Trump family-backed Thumzup Media announced on Friday that it bought $1 million worth of Bitcoin, Ether, Dogecoin, XRP, and Solana as part of a major crypto expansion.
The company, which went public on Nasdaq in October with an $8.2 million raise at $5 per share, is now moving into mining and treasury asset strategies, according to a shareholder letter.
Thumzup also signed a deal to acquire DogeHash Technologies, a mining company operating 2,500 Dogecoin rigs, with 1,000 more on the way, but that agreement is awaiting shareholder approval.
Thumzup’s move comes after a series of crypto investments earlier this year. In January, the board approved its first $1 million Bitcoin purchase, followed by a second one weeks later.
By June, Thumzup had allegedly secured a $6.5 million raise at $6 per share, locking in funding from strategic investors through a new partnership with Dominari Securities, a crypto-focused investment bank.
Then in August, Thumzup closed a much larger $50 million stock offering at $10 per share, also through Dominari.
The shareholder letter claims that DogeHash’s current 2,500 miners are already online, and another 1,000 units, described as “best in class,” have been ordered and will arrive by year-end.
The mining rigs are not all Antminer L9s, but Bitmain’s specs on similar equipment show a hash rate of 16 GH/s per machine, consuming 3,360W. Using Bitmain’s calculator, the company estimates that 3,500 machines could produce between $22.7 million and $103.2 million annually, depending on DOGE price, currently at $0.22.
This deal would drop Thumzup directly into a global crypto mining market worth $10.5 billion, expected to grow to $22.6 billion by 2035, with a compound annual growth rate of 8.9%, based on projections from Business Research Insights.
The letter said the acquisition could outperform Thumzup’s original ad platform in terms of returns and would reduce the company’s need for future outside capital.
Chairman and CEO Robert Steele wrote, “This transaction puts Thumzup on a high-confidence trajectory to significant shareholder value creation.”
Steele said the company expects to grow its mining fleet beyond 3,500 units using funds from the recent offering, aiming to raise the firm’s overall revenue run rate into 2026 and beyond.
President Donald Trump signed an executive order backing U.S. dominance in financial tech. That order launched a national Bitcoin reserve and rolled out the Genius Act, which encouraged more public firms to hold crypto and participate in blockchain innovation.
More than 100 public companies have since adopted treasury strategies involving crypto. At least 40 miners are now listed, with the top three, MARA Holdings, CleanSpark, and Riot Platforms, valued at $5.6 billion, $4.5 billion, and $3 billion, respectively.
Meanwhile, companies like Bitmine Immersion Technologies have surged to billion-dollar valuations in weeks. Thumzup wants in on that momentum. It now holds Dogecoin, Solana, XRP, Ether, Litecoin, and USDC, alongside Bitcoin.
Just this May, Thumzup partnered with Coinbase Prime for access to institutional trading, custody, and a Bitcoin-backed credit line.
The company also formed a crypto advisory board to guide expansion. The first appointee is Alex Hoffman, head of ecosystem at DogeOS, a Dogecoin application layer.
Hoffman leads ecosystem development and partnerships at DogeOS, helping users and firms use DOGE for staking, lending, and other strategies that generate yield.
“We’re focused on helping Dogecoin holders get more utility from their assets,” Hoffman said. More board members are expected soon, per the shareholder letter.
