Thumzup Media Corporation has announced a $2.5 million investment in DogeHash Technologies to help the company expand its Dogecoin mining operations.
According to the official press release, the funds will be used to purchase and deploy more than 500 additional ASIC miners, potentially increasing DogeHash’s total fleet to over 4,000 rigs later this year.
The investment comes ahead of Thumzup’s pending acquisition of DogeHash. In August, the company shared plans to buy DogeHash in an all-stock deal valued at about $153.8 million. Once completed, the combined firm will be renamed as DogeHash Technologies Holdings and listed on Nasdaq under the ticker XDOG.
Executives said the move is part of a broader strategy to strengthen Thumzup’s presence in the cryptocurrency sector, with a particular focus on Dogecoin mining, which has seen renewed momentum this year.
Robert Steele, CEO of Thumzup, said, “We are enthusiastic about all the recent developments in the Dogecoin ecosystem and are looking forward to working with DogeHash to build a premier Doge mining company together.”
DogeHash’s Chief Executive, Parker Scott, noted that the early infusion of capital would speed up deployment of newer mining hardware at a time when efficiency and scale are becoming more critical for crypto miners.
Expanding crypto footprint
The deal follows other recent steps by Thumzup to expand into digital assets, including Dogecoin purchases and the formation of a crypto-focused advisory board.
In September, Thumzup Media made its first open-market Dogecoin purchase, buying about 7.5 million DOGE worth $2 million, while also advancing plans to acquire DogeHash and expand its mining fleet. As per Bitcoin Treasuries, Thumzup also holds 19.1 BTC.
It also appointed Jordan Jefferson, Co-Founder of DogeOS and CEO of the Dogecoin wallet MyDoge, to its newly formed Crypto Advisory Board. Thumzup stock, TZUP, closed trading at $5.00 with no change, while after-hours trading saw a slight gain to $5.09, up 1.8%, according to Yahoo Finance.
