Thumzup Media Expands into Dogecoin Mining with Ambitious Revenue Goals
Thumzup Media Corporation, a company linked to Donald Trump Jr., announced plans to acquire 3,500 Dogecoin mining rigs, aiming to generate up to $103 million in annual revenue if Dogecoin (DOGE) reaches a value of $1. This move marks a strategic pivot from the company’s previous adtech focus to cryptocurrency mining.
Acquisition and Rebranding
In a shareholder letter released on Thursday, Thumzup detailed its execution of definitive agreements—pending shareholder approval—to acquire DogeHash Technologies, which operates Dogecoin mining operations. The acquisition includes an initial 2,500 mining rigs, with an additional 1,000 units on order. Following the acquisition, the combined entity will be renamed Dogehash Technologies Holdings and will trade under the ticker XDOG.
Financial Projections Amid Current Market Conditions
The company forecasts annual revenues of approximately $22.7 million at current Dogecoin prices, which stand at around $0.214, a significant decline from DOGE’s 2021 peak. However, if Dogecoin’s price appreciates to $1, Thumzup anticipates revenues could reach $103 million annually.
Dogecoin Mining Profitability
Thumzup cited data from BIT Mining, a publicly traded cryptocurrency miner, which reported that Dogecoin mining operations are nearly three times more profitable than Bitcoin mining alone. Dogecoin boasts a market capitalization exceeding $32 billion and a daily trading volume of approximately $1.3 billion, underscoring its status as one of the most widely held cryptocurrencies.
Market Position and Broader Crypto Holdings
Positioning itself as a utility-scale Dogecoin miner, Thumzup is entering a crypto mining market valued at $10.5 billion and projected to more than double by 2035. The company has also authorized holdings in several cryptocurrencies, including Bitcoin (BTC), Litecoin (LTC), Solana (SOL), XRP, Ether (ETH), and the stablecoin USDC.
Trump Family Involvement and Stock Performance
Donald Trump Jr. holds 350,000 shares in Thumzup, according to a July regulatory filing. The Trump family’s involvement extends to Dominari Securities, the investment bank facilitating Thumzup’s fundraising efforts. The company completed a $50 million share offering in August. Despite a peak share price over $15 in August, the stock has since declined but remains up 62% year-to-date, closing at $5.57 on the day of the announcement.
