Trump-backed Thumzut announces acquisition of Dogehash, merging entity plans to list on Nasdaq betting on the DOGE ecosystem.

Thumzup Media, a Crypto Assets company backed by the Trump family, announced that it will acquire the North American DOGE mining company Dogehash Technologies through an all-stock transaction. Dogehash shareholders will receive 30.7 million shares of Thumzup stock, and the merged entity will be renamed Dogehash Technologies Holdings, Inc., planning to list on NASDAQ under the ticker XDOG. This move aims to create one of the largest DOGE mining operations globally and leverage DOGE's speed and low fee advantages to promote its adoption. However, the market reacted cautiously, with Thumzup's stock price experiencing a big dump of over 50% following the announcement, indicating investors' skepticism about its aggressive shift towards Crypto Assets mining.

Full stock trading to create NASDAQ-listed mining company, targeting the world's largest DOGE Mining scale

Thumzup Media announced a major acquisition plan on Tuesday, with investors including the Trump family. The company will acquire the North American DOGE Mining company Dogehash Technologies. According to the agreement, Dogehash shareholders will receive 30.7 million shares of Thumzup stock through a stock-for-stock transaction. Upon completion of the deal, the merged new entity will be renamed Dogehash Technologies Holdings, Inc. and plans to list on the Nasdaq stock exchange with the ticker symbol XDOG. For Thumzup, which completely changed its company strategy less than a year ago and is fully betting on digital assets, this represents an ambitious expansion. Dogehash also brings a key asset: approximately 2,500 Scrypt ASIC mining machines, located in North American facilities powered by renewable energy, used for mining the two largest Proof-of-Work tokens that use the Scrypt algorithm: DOGE and Litecoin. This collaboration aims to create one of the largest DOGE Mining businesses in the world. Thumzup executives stated that the scale achieved through the merger will bring efficiency improvements for miners and promote the development of the DOGE ecosystem.

Beyond Mining: Thumzut's Strategic Vision and Market Concerns

Thumzup CEO Robert Steele stated that this acquisition is not just a Mining deal. He explained that the company aims to leverage the speed and low transaction costs of DOGE to make the asset more widely usable. Steele added that Thumzup is committed to supporting a green future for the encryption industry and intends to give the project the development it deserves. It is worth noting that just a few weeks before this transaction was finalized, Thumzut had sold $50 million worth of stock. The intended use of these funds is for the growth of Mining operations, acquisition of energy infrastructure, and purchasing Bitcoin and other Crypto Assets. However, Wall Street's reaction has been erratic. After the announcement, according to Morningstar data, Thumzut's stock price fell more than 50% to $3.65. This sharp decline indicates that investors are cautious about the risks associated with the company's aggressive pivot to Crypto Assets Mining. Nevertheless, partly driven by early enthusiasm for its financial Crypto Assets projects, Thumzut's stock price still recorded a considerable increase for the year.

Integrating Meme Culture with Institutional Capital to Promote Sustainable Mining Models

This acquisition reflects how Meme coins like DOGE are gradually integrating into corporate strategic thinking. Thumzut and Dogehash aim to combine retail market enthusiasm with institutional capital by being listed on Nasdaq with the code XDOG. The merged entity will also seek to leverage Layer-2 solutions (such as the DogeOS ecosystem currently under development) for expansion, in order to increase miner rewards. These tools will enable miners to participate in staking, DeFi lending, yield products, and traditional Mining rewards. The executives stated that this method of mining DOGE can be sustainable and profitable—even in a falling crypto market. Jonathan Leong, co-founder of Dogehash, mentioned that his team spent years securing cheap renewable energy contracts. He added that merging with Thumzut would enable them to access the capital markets and expand independently in ways they could not achieve on their own. Partly due to its Trump background, the transaction has also attracted additional attention. One of Thumzut's supporters is Donald Trump Jr., which adds a political and cultural dimension to the move.

Corporate financial asset allocation of Crypto Assets becomes a trend, Thumzut uniquely bets on DOGE

Thumzut is not the only publicly traded company turning to the crypto field. Over the past two years, publicly traded companies have been rushing into the crypto market. Strategy, led by its CEO Michael Saylor, has purchased billions of dollars worth of Bitcoin, leading this trend. Other companies, such as American Bitcoin, Kindly MD, and Bitmine Immersion, have also allocated a significant amount of Bitcoin and Ethereum in their treasury reserves. This is a high-risk, high-reward strategy, but if successful, it can bring enormous returns. Crypto assets can be highly volatile, but they can also outperform traditional assets. Companies that correctly grasp market cycles can significantly enhance their balance sheets. What sets Thumzut apart is its focus on DOGE. In the enterprise financial asset allocation space dominated by Bitcoin and Ethereum, few companies have built large-scale platforms dedicated to DOGE. By acquiring Dogehash, Thumzut bets on the longevity of DOGE—driven by a passionate community culture and endorsed by celebrities like Elon Musk—will pay off. The transaction is subject to shareholder approval and regulatory review, and is expected to be completed in the fourth quarter of 2025.

Conclusion

Thumzut's acquisition of Dogehash and plans to list on NASDAQ is a bold attempt for Meme coins to integrate into mainstream corporate strategies. It combines the retail favorite DOGE culture with the scale and demands of institutional capital, attempting to carve out a sustainable profit path. However, the big dump in the capital markets clearly reveals the high risks and uncertainties it faces. Success or failure depends not only on the ecological development and market performance of DOGE itself but also on whether it can effectively integrate resources, deliver on promises of sustainability and efficiency, and ultimately prove the value of this huge bet to investors. This deal will serve as an important litmus test for whether Meme coins can truly gain institutional recognition.