Thumzup Media Corporation Announces Acquisition of Dogehash Technologies
Supported by Donald Trump Jr., eldest son of U.S. President Donald Trump, Thumzup Media Corporation, an advertising technology company that recently announced the establishment of a cryptocurrency reserve, announced on Tuesday that it has signed a series of agreements with cryptocurrency mining company Dogehash Technologies. Thumzup will acquire Dogehash through an all-stock transaction.
Dogehash is an industrial-scale mining company focused on mining Scrypt algorithm-based cryptocurrencies, such as Dogecoin (DOGE) and Litecoin (LTC). It currently operates 2,500 Scrypt ASIC miners in North America, primarily powered by renewable energy, and has plans to expand its mining capacity.
Thumzup stated in a press release:
According to the terms of the agreement, Dogehash shareholders will exchange their 100% ownership for 30.7 million shares of Thumzup. The company will be renamed “Dogehash Technologies Holdings, Inc.” and will trade on the NASDAQ under the new ticker symbol “XDOG.” The transaction is expected to be completed by the end of this year.
Last week, Thumzup announced that it would raise $50 million through a common stock issuance to incorporate assets such as Bitcoin (BTC), Ethereum (ETH), Dogecoin, Litecoin, and Ripple (XRP) into its balance sheet, as well as to launch a new mining division.
In a $50 million common stock issuance registration statement submitted in July, Thumzup disclosed that Donald Trump Jr. is one of the company’s major shareholders. The Trump family’s network of connections in the cryptocurrency industry continues to expand, including entry into the mining sector through a Bitcoin financial strategy and mining program via American Bitcoin.
According to data from Yahoo Finance, Thumzup’s stock price (ticker symbol: TZUP) dropped 41.06% on Tuesday, closing at $5.01.
