Thumzup Plans All-Stock Acquisition of Dogehash, Expanding into Dogecoin and Litecoin Mining
PANews reported on August 19th that Thumzup, a social media company backed by the Trump family, announced it would acquire Dogehash Technologies, an industrial-grade blockchain mining company specializing in Dogecoin and Litecoin mining, in an all-stock transaction. The acquisition is part of its strategic move into the cryptocurrency mining industry. Dogehash currently operates 2,500 Scrypt ASIC mining machines in North America, primarily powered by renewable energy, and plans to further expand its mining fleet.
Thumzup raised $50 million through a common stock offering in July to purchase assets such as BTC, ETH, DOGE, LTC, and XRP, while also supporting the development of its cryptocurrency mining business.
Under the agreement, Dogehash shareholders will receive 30.7 million Thumzup shares in exchange for all of their shares. The combined company will be renamed "Dogehash Technologies Holdings, Inc." and trade on the Nasdaq under the new symbol "XDOG." The transaction is expected to close before the end of the year.
Thumzup said that the merged company will become the world's leading Dogecoin mining platform, while staking Dogecoin Layer-2 infrastructure through DeFi products in the DogeOS ecosystem, increasing miners' profits and amplifying income beyond block rewards.
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