Rita Dfouni
- Thumzup plans to purchase 3,500 Dogecoin miners, potentially generating $103 million if DOGE reaches $1.
- The company will change its name to Dogehash Technologies Holdings (XDOG) and grow its cryptocurrency treasury.
- Trump Jr. possesses 350,000 shares, increasing political connections as the stock climbs 62% year-to-date.
Thumzup Media Corporation, associated with the Trump family, is shifting focus to cryptocurrency mining, intending to purchase 3,500 Dogecoin miners and forecasting annual earnings of up to $103 million if Dogecoin hits $1. In a letter to shareholders on Thursday, Thumzup announced that it signed agreements to acquire DogeHash Technologies, which manages Dogecoin mining equipment.
The agreement encompasses 2,500 active rigs and an additional 1,000 on order, all of which are Bitmain Antminers. With Dogecoin’s current price at $0.214, Thumzup anticipates approximately $22.7 million in yearly revenue, but should DOGE reach $1, that amount could increase to $103 million. The company finalized a $50 million stock sale in August to support the transition. Thumzup referenced BIT Mining statistics indicating that Dogecoin mining has been almost three times more lucrative than Bitcoin mining as of late 2023.
Strategy, crypto holdings, and Trump ties
The firm stated its goal is to join the select group of publicly listed, large-scale Dogecoin miners, referring to estimates that the $10.5 billion cryptocurrency mining industry will more than double by 2035. The decision follows as exchanges and mining companies, such as KuCoin, venture into different proof-of-work assets
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Thumzup’s board has also authorized the retention of a collection of cryptocurrencies such as Bitcoin, Litecoin, Solana, XRP, Ether, and USDC in addition to DOGE. The firm presently possesses 19.1 BTC valued at approximately $2.1 million, as reported by BitcoinTreasuries.NET.
The link to Trump enhances visibility. Donald Trump Jr. acquired 350,000 shares in July, according to filings, while Dominari Securities, an investment bank associated with the Trump family, has backed Thumzup’s fundraising efforts. TZUP shares ended Thursday at $5.57, rising by 5.3%.
