Trump-Backed Thumzup to Acquire Dogehash, Add 3,500 Dogecoin Mining Rigs

Thumzup Media, the Nasdaq-listed firm backed by Donald Trump Jr., is deepening its push into crypto with plans to operate 3,500 Dogecoin mining rigs by the end of 2025.

The expansion hinges on a pending acquisition of Dogehash, a miner specializing in the Scrypt algorithm, which underpins both Dogecoin and Litecoin. Unlike Bitcoin’s SHA-256, Scrypt is designed to increase memory costs, making large-scale custom hardware attacks more difficult.

According to its latest shareholder letter, Thumzup intends to acquire Dogehash’s existing 2,500 rigs and deploy an additional 1,000 before year-end. The all-stock transaction remains subject to shareholder approval.

“Cryptocurrency mining presents what could be one of the greatest opportunities for value creation in the industry,” Thumzup said, projecting “material” high-margin revenue from the deal. At current Dogecoin prices of about $0.22, revenue estimates range from $22.7 million to more than $100 million if DOGE rallies to $1.

The move follows Thumzup’s $1 million bitcoin treasury purchase earlier this year. The company has since broadened its mandate to include Dogecoin, Litecoin, Solana, XRP, ether and USDC, with board approval granted in recent weeks.

While MicroStrategy has become synonymous with bitcoin accumulation, Thumzup is carving a different path—seeking diversification and direct revenue from mining smaller-cap tokens. Pairing Dogecoin with Litecoin allows operators to hedge production across two actively traded assets, a strategy gaining traction as memecoin adoption grows.

Should the rigs come online as planned, Thumzup would emerge as one of the largest publicly traded Dogecoin miners, cementing its position in a niche long seen as speculative but increasingly driven by retail demand.