Thumzup Media Corporation, a company with ties to the Trump family, has injected $2.5 million into Dogecoin mining expansion as part of its ongoing transformation into a major digital asset player. The Nasdaq-listed firm announced Tuesday that it had provided DogeHash Technologies with a loan to deploy more than 500 new ASIC miners, ahead of Thumzup’s planned acquisition of the mining company later this year.
Building a Dogecoin Mining Giant
The additional mining rigs could bring DogeHash’s total operational capacity to more than 4,000 machines by year-end. Currently, the company runs about 2,500 Scrypt ASIC miners across North America, producing both Dogecoin and Litecoin.
Thumzup first entered into an all-stock acquisition deal with DogeHash in August, which will see DogeHash shareholders swap holdings for 30.7 million Thumzup shares. Following the merger, the combined entity will rebrand as DogeHash Technologies Holdings and trade on Nasdaq under the ticker XDOG. Executives say the deal will create the world’s largest Dogecoin mining platform.
CEO Robert Steele said the firm is “enthusiastic about all the recent developments in the Dogecoin ecosystem” and intends to build a premier Dogecoin mining company with DogeHash. Parker Scott, CEO of DogeHash, described the funding as arriving during “a pivotal period for the Dogecoin market.”
Trump Family Ties and Crypto Expansion
The Trump family’s involvement in Thumzup has attracted significant attention. Donald Trump Jr. purchased 350,000 shares in July, worth $3.3 million at the time, bolstering speculation about the family’s growing role in the digital asset sector.
This investment follows a string of Trump-linked crypto ventures, including Eric Trump’s co-founded American Bitcoin, now valued at several billion dollars after its merger with Gryphon Digital Mining. The family has also engaged in NFT launches, memecoin projects, and digital asset treasury plays.
Despite criticism from lawmakers over potential conflicts of interest, the Trumps have positioned themselves as active participants in shaping the future of crypto.
Treasury Holdings and Market Moves
Alongside mining, Thumzup has been aggressively building its crypto treasury. In September, the company purchased 7.5 million Dogecoin tokens for $2 million at an average price of $0.2665, complementing its 19.1 Bitcoin holdings.
The firm also raised $50 million in August to fund blockchain investments and approved a $10 million stock buyback program that runs through 2026. Following Tuesday’s announcement, Thumzup shares rose 5.7% to $4.81, giving the company a $78 million market cap. Dogecoin, meanwhile, climbed nearly 1% to $0.23.
Is $1 DOGE on the Horizon?
With Dogecoin’s ecosystem expanding and large-scale miners like Thumzup pouring millions into infrastructure, optimism around DOGE’s long-discussed $1 milestone is resurfacing. The planned DogeHash merger, combined with Dogecoin treasury purchases and staking products via DogeOS, could provide additional bullish momentum.
Still, skeptics warn that hype alone may not sustain Dogecoin’s climb without broader market tailwinds. For now, however, the Trump-linked investment underscores Dogecoin’s growing mainstream presence and its potential to surprise markets once again.