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Thumzup Media Corporation (NASDAQ:TZUP) on Thursday announced it is pursuing the acquisition of DogeHash Technologies, a move that would bring 3,500 Dogecoin (CRYPTO: DOGE) mining rigs under its control.
What Happened: The pending deal, disclosed in a shareholder letter, marks a strategic shift for the company from advertising technology to large-scale cryptocurrency mining.
The Los Angeles-based firm said DogeHash currently operates 2,500 Dogecoin mining rigs, with another 1,000 expected for delivery later this year.
Completion of the acquisition is subject to shareholder approval.
Thumzup estimated that a fleet of 3,500 rigs could generate between $22.7 million and $51.6 million in annual revenue, depending on Dogecoin's market price.
The company cited external estimates from Bitmain's (AMEX:BMNR) Antminer calculators to illustrate potential outputs.
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Why It Matters: The move comes after Thumzup raised $50 million in an all-stock offering at $10 per share in August, bolstering its balance sheet for expansion.
The company also disclosed prior investments in Bitcoin (CRYPTO: BTC) and said its board has authorized holdings in multiple digital assets, including Dogecoin, Litecoin (CRYPTO: LTC), Solana (CRYPTO: SOL), Ripple (CRYPTO: XRP), Ether (CRYPTO: ETH), and USD Coin (CRYPTO: USDC).
The DogeHash acquisition positions Thumzup among a growing field of publicly traded crypto miners.
According to industry research, the global cryptocurrency mining market is valued at $10.5 billion in 2025 and projected to more than double by 2035.
Dogecoin, with a market capitalization above $36 billion as of August, remains one of the most widely held cryptocurrencies globally, now in more than 5 million wallets.
Thumzup's entry into mining follows recent U.S. policy developments, including executive actions under President Donald Trump aimed at strengthening the country's role in digital finance and establishing a strategic Bitcoin reserve.
While expanding into mining, the company continues to operate its original AdTech platform, which it said surpassed 34,000 paid social media posts by August.
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