Thumzup Media Corporation (Nasdaq: TZUP) has outlined plans to transform itself into a cryptocurrency player, backed by a pending deal to acquire DogeHash Technologies, Inc., a Dogecoin mining company. The update came in a shareholder letter released this week.
The Los Angeles-based firm, which went public in October 2024 with an $8.2 million offering at $5 a share, was originally built around its advertising platform that pays social media users for product endorsements.
But since January this year, Thumzup has turned to digital assets, starting with a $1 million Bitcoin purchase for its treasury, followed by another $1 million allocation later that month.
In June, the company raised $6.5 million at $6 a share from strategic investors through Dominari Securities. That was followed by a larger $50 million all-stock raise in August at $10 per share. Thumzup said the funding strengthened its balance sheet and positioned it to expand into crypto mining.
Dogecoin Mining Entry
On August 19, the company signed definitive agreements, subject to shareholder approval, to buy DogeHash. The unit currently operates 2,500 Dogecoin mining rigs and has another 1,000 on order for delivery later this year.
Citing Bitmain’s mining calculator as an example, Thumzup said 3,500 comparable machines could generate annual revenue ranging from $22.7 million at Dogecoin’s current price of $0.22 to more than $103 million if the token traded at $1. The company cautioned that actual results may differ.
Business Research Insights estimates the cryptocurrency mining market, worth $10.5 billion in 2024, could double to $22.6 billion by 2035. Thumzup said the move makes it one of the few publicly listed Dogecoin mining operators.
Wider Crypto Strategy
Alongside mining, Thumzup has expanded its holdings beyond Bitcoin to include Dogecoin (DOGE), Litecoin (LTC), Solana, Ripple (XRP), Ethereum (ETH), and USD Coin (USDC). In May, it secured a Bitcoin-backed credit facility with Coinbase Prime, giving it access to institutional custody and trading services.
The company has also set up a crypto advisory board, naming Alex Hoffman of DogeOS as its first member. Hoffman works on Dogecoin ecosystem development and utility expansion.
AdTech Platform Still Active
Thumzup added that its advertising technology business continues to grow. By August, it had cleared 34,000 paid social media posts and passed 1,000 advertiser locations. It is considering tiered services and analytics tools as part of its broader revenue mix.
Thumzup is pivoting from AdTech to crypto, with its DogeHash deal and diversified holdings positioning it as a new player in digital assets while still growing its core platform.
Also Read: BitMine Reports $8.98B in Holdings in August Investor Update
