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

What to know:

• Thumzup Media plans to deploy 3,500 Dogecoin mining rigs by the end of the year, backed by an acquisition of Dogehash.
• The company expects high-margin revenue from the integration, with potential earnings ranging from $22.7 million to over $100 million.
• Thumzup's move into cryptocurrency mining reflects a trend among small-cap firms diversifying with crypto assets.

Thumzup Media, the Nasdaq-listed company backed by Donald Trump Jr., is making a major bet on retail favourite dogecoin with plans to deploy 3,500 Dogecoin mining rigs by year-end.

The expansion is expected to come through a pending acquisition of Dogehash, a miner focused on the Scrypt algorithm that secures both Dogecoin and Litecoin.

Scrypt is specifically designed to make it costly to perform large-scale custom hardware attacks by requiring large amounts of memory.

According to its latest shareholder letter, Thumzup intends to buy Dogehash’s existing 2,500-rig fleet and add another 1,000 rigs before December, contingent on shareholder approval of the all-stock deal.

“Cryptocurrency mining presents what could be one of the greatest opportunities for value creation in the industry,” the company said, projecting “material” high-margin revenue from the integration.

Revenue estimates range from $22.7 million at current DOGE prices to more than $100 million if the token reaches $1. Dogecoin was trading near 22 cents on Friday, having remained little changed over the past 24 hours.

Thumzup’s pivot into crypto comes just months after it seeded a $1 million bitcoin position for its treasury in January. The firm has since expanded its mandate to include Dogecoin, Litecoin, Solana, XRP, ether and USDC, with board approval granted in recent weeks.

The move reflects a broader shift among small-cap firms looking to blend crypto exposure with traditional operations. While MicroStrategy has dominated headlines with its bitcoin-heavy balance sheet, Thumzup’s strategy leans toward diversification and direct mining revenue on relatively smaller tokens.

Dogecoin mining has historically been less profitable than bitcoin due to lower token value and Scrypt’s dynamics, but rising memecoin adoption has sparked new interest. Pairing Litecoin and Dogecoin mining also allows operators to hedge output across two actively traded assets.

If the rigs go live as projected, Thumzup will become one of the largest public Dogecoin miners, positioning itself squarely inside a market segment often dismissed as speculative but increasingly embraced by retail flows.