Thumzup Media Corporation, a media company associated with the Trump family, plans to acquire 3,500 Dogecoin mining machines and expects annual revenue to reach up to $103 million, depending on whether Dogecoin rises to $1.
Thumzup Media Corporation released a letter to shareholders on Thursday, disclosing that the company has signed a final agreement (pending shareholder approval) to acquire a Dogecoin (DOGE) mining business initially equipped with 2,500 mining machines and has ordered an additional 1,000 new mining machines.
In August of this year, the company announced its transition from an advertising technology platform to a cryptocurrency mining company through the acquisition of DogeHash Technologies, which operates Dogecoin mining machines.
The merged company will be renamed Dogehash Technologies Holdings and will trade under the stock code XDOG. The company reported that it completed a $50 million stock issuance in August.
The company also stated that it will use 3,500 Bitmain Antminer series machines for Dogecoin mining. Based on current prices, the expected annual revenue is $22.7 million; if the price of Dogecoin rises to $1, the annual revenue could reach up to $103 million.
The current price of DOGE is $0.214, having dropped on the day, and is still down over 70% from its historical high in 2021.
Thumzup cited data from the publicly listed mining company BIT Mining, which reported last December that its Dogecoin mining business was nearly three times as profitable as mining Bitcoin (BTC) alone.
The company pointed out that the market capitalization of Dogecoin has exceeded $32 billion, with a daily trading volume of $1.3 billion, making it "one of the most widely held cryptocurrencies."
Thumzup is positioning itself as one of the few publicly listed companies scaling Dogecoin mining. The company cited data indicating that the cryptocurrency mining market is expected to exceed $10.5 billion by 2035, doubling from current levels.
This week, KuCoin announced plans to capture a 10% share of Dogecoin mining power, as competition in the market intensifies with more companies turning to alternative crypto assets.
In addition to Bitcoin, the Thumzup board has approved holding Dogecoin (DOGE), Litecoin (LTC), Solana (SOL), Ripple (XRP), Ethereum (ETH), and USDC.
According to data from BitcoinTreasuries.NET, Thumzup holds 19.1 Bitcoins, valued at approximately $2.1 million.
According to documents filed in July, Donald Trump Jr., the son of U.S. President Trump, purchased 350,000 shares of the company. The Trump family's connection is also reflected in Dominari Securities, an investment bank that has supported Thumzup in raising funds.
According to Google Finance data, the company's stock (TZUP) rose 5.3% on the day, closing at $5.57. Its stock price has significantly dropped from over $15 in August but has still increased by 62% since the beginning of the year.
Related: Analyst: Dogecoin (DOGE) is expected to welcome its first ETF next week
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