Thumzup Media, a social media branding company with ties to the Trump family, has disclosed plans to acquire 3,500 Dogecoin mining rigs as the next step in its crypto expansion plans.

The company announced its plans via a shareholder letter published on September 4, where it said it had executed definitive agreements, pending shareholder approval, to acquire DogeHash Technologies, a dedicated Dogecoin mining firm operating across North America.

According to the letter, DogeHash currently operates 2,500 Scrypt ASIC miners, with another 1,000 already ordered. 

Thumzup expects to bring all 3,500 rigs online by the end of the year, to position itself as a utility-scale Dogecoin miner with institutional backing and public market exposure through its Nasdaq listing.

If all goes according to plan, the company estimates these rigs could generate up to $22.7 million annually at current DOGE prices, and over $100 million if the meme coin reaches $1. 

However, it must be noted that these are just projections based on Bitmain’s mining revenue calculator and assume high-margin returns due to low-cost, renewable energy-powered infrastructure, and the actual revenue can vary.

Thumzup believes that, by building a vertically integrated mining operation, it will reduce its reliance on external crypto purchases.

A strategy that a handful of cryptocurrency treasury companies have taken up. 

The company’s strategy hinges on producing its own tokens through mining, which it can either hold in treasury or use as collateral, essentially creating a self-sustaining revenue engine within the volatile crypto market.

As part of the agreement, DogeHash shareholders would receive 30.7 million shares of Thumzup stock.

A crypto advisory board, which added Alex Hoffman, head of ecosystem at DogeOS, as its first member, will guide the company’s Doegcoin strategy. 

With Hoffman’s expertise in Dogecoin-based applications, staking, and utility-focused integrations, the company expects to pursue additional yield-generating avenues with its mined assets.

Thumzup has been working on this setup since early 2025, when it invested $1 million in Bitcoin as a treasury asset. A second BTC investment followed in late January. 

Then, in August, it closed a $50 million all-stock offering, a move that helped fund the acquisition of DogeHash and its mining hardware expansion.

The transition was formalised on August 19, when Thumzup announced its intent to acquire DogeHash in an all-stock deal. 

Beyond Bitcoin and Dogecoin, Thumzup’s board has authorised holding Ether, Solana, Litecoin, XRP, and USDC. 

As of now, it holds 19.1 BTC valued at roughly $2.1 million, according to data from BitcoinTreasuries.net.

To support this goal, Thumzup expanded its partnership with Coinbase Prime earlier this year to establish a Bitcoin-backed credit facility that would open up access to non-dilutive capital. 

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