Publicly traded crypto treasury firm Thumzup Media is providing Dogecoin miner DogeHash Technologies with a $2.5 million loan so it can accelerate deployment of new miners and expand its Dogecoin mining capacity, the firm announced on Tuesday.
The firms are currently undergoing an acquisition process that will lead to Trump-backed ThumzUp acquiring DogeHash in an all-stock deal and renaming it Degohash Technologies Holdings.
“We are enthusiastic about all the recent developments in the Dogecoin ecosystem and are looking forward to working with DogeHash to build a premier Doge mining company together," Thumzup CEO Robert Steele said in a statement.
A representative from Thumzup did not immediately respond to Decrypt’s request for comment.
“This helps us accelerate our deployment of cutting-edge Doge mining hardware,” DogeHash Technologies CEO Parker Scott said in a statement. “These funds are anticipated to add more than 500 ASIC miners to our fleet, expanding our efficiency and scale during a pivotal period for the Dogecoin market."
DogeHash currently operates 2,500 Dogecoin mining rigs and has at least 1,000 others scheduled for delivery.
Shares of Thumzup (TZUP) were recently up 2.4% to change hands at $5.12.
The Los Angeles-based firm initially held Bitcoin in its digital asset treasury, but received board approval to extend beyond the top crypto asset in July. It has since added around $1.83 million in Dogecoin to go along with its 19.1 BTC valued at around $2.17 million.
Last week, it approved a $10 million share buyback program set to run throughout 2026. Prior to that, it completed a $1 million repurchase of shares, adding 212,432 shares at an average of $4.71.
Dogecoin (DOGE) is down around 1% in the last 24 hours and trading at $0.23. The largest meme coin by market cap has jumped 6% on the month but still remains more than 68% off its 2021 all-time high of $0.73.
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