Thumzup Media Extends $2.5M Loan to DogeHash for Dogecoin Mining Expansion
Thumzup Media, listed on the Nasdaq under ticker TZUP, has announced a $2.5 million loan to DogeHash Technologies. The funding aims to accelerate the deployment of over 500 new Dogecoin mining rigs. This move is part of a strategy to grow DogeHashs total mining fleet to over 4,000 ASIC miners by the end of the year.
Loan Precedes Planned Acquisition
The financing comes ahead of Thumzups proposed acquisition of DogeHash, which is currently subject to shareholder approval. Thumzups latest move reflects its growing activity in the crypto sector. The company holds more than 19 BTC and 7.5 million DOGE, valued at approximately $3.85 million. Thumzup began accumulating digital assets in January, with board authorization to hold up to an undisclosed amount in cryptocurrency reserves.
DogeHash Targets Market Growth
Parker Scott, CEO of DogeHash, described the loan as a catalyst to deploy cutting-edge ASIC hardware during a pivotal time for Dogecoins network. Dogecoin was widely popularized during the 2021 bull market and is currently trading at around $0.23, after briefly surpassing $0.30 earlier this month.
Institutional Dogecoin Holdings Expand
Thumzup is not the only public company increasing its exposure to Dogecoin. CleanCore Solutions, also Nasdaq-listed, began accumulating DOGE in its treasury this month. The company now holds over 600 million DOGE, with plans to eventually secure 5% of Dogecoins circulating supply. CleanCore is affiliated with both the House of Doge and the Dogecoin Foundation.
ETF Launch Supports DOGE Trading Activity
Market interest in Dogecoin has also received a boost from the launch of the REX-Osprey Dogecoin ETF (DOJE), which began trading on September 18. The ETF posted $17 million in volume on its first day. According to Bloomberg Intelligence analyst Eric Balchunas, this figure ranked in the top five ETF launches for the year.
Market Impact and Outlook
Thumzups shares recently declined to $5.20, down more than 65% from their early August highs. The move into Dogecoin mining and accumulation shows a broader trend among publicly traded firms seeking to diversify their crypto treasuries and infrastructure. The sector continues to attract institutional attention, even as asset prices remain volatile.
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