Thumzup Invests $2.5M in DogeHash to Strengthen Dogecoin Mining Operations

Highlights:

• Thumzup invests $2.5M in DogeHash as part of efforts to expand its Dogecoin mining operations.
• The funding will accelerate the deployment of DogeHash’s next-generation ASIC miners.
• Thumzup CEO said the move reflects the company’s desire to establish a premier DOGE mining company.

Donald Trump’s family-backed Thumzup Media Corporation has invested $2.5 million in DogeHash Technologies to boost Dogecoin (DOGE) mining operations. The company announced the move in a press release on September 30, underscoring its strong faith in Dogecoin and crypto mining operations.

According to the press release, the new funding will accelerate the deployment of DogeHash’s next-generation ASIC miners, with over 500 new machines expected to be added to its fleet. The expansion could increase the company’s total mining rigs to over 4,000 by the end of this year.

Thumzup announces $2.5 million capital infusion into DogeHash Technologies to expand its #Dogecoin mining capacity. 🤝

⚡ Strategic funding expected to accelerate fleet deployment to over 4,000 ASIC miners.

Read the press release: https://t.co/DWw17VG5gj $TZUP $DOGE pic.twitter.com/fqwV6NAmSI

— Thumzup Media Corporation (@thumz_up) September 30, 2025

The financing follows Thumzup’s recent purchase of approximately 7.5 million DOGE for $2 million at an average cost of $0.2665 per token. Crypto2Community reported the acquisition on September 18, adding that it closely followed a stock offering that raised $50 million for the company.

Moreover, the $2.5 million investment arrived ahead of Thumzup’s pending acquisition of DogeHash. On August 20, Crypto2Community reported that DogeHash shareholders will receive 30.7 million Thumzup shares as part of the mining firm’s purchase agreement. For context, DogeHash runs large-scale mining for Dogecoin and Litecoin (LTC).

Upon completion of the acquisition, the mining company’s name will change to DogeHash Technologies Holdings Inc., and it will trade under the market ticker symbol XDOG. Meanwhile, sources familiar with the deal expect it to close in the fourth quarter of this year.

Company Executives React as Thumzup Invests $2.5M in DogeHash

Robert Steele, Thumzup’s Chief Executive Officer (CEO), expressed excitement about the recent development in the Dogecoin ecosystem. He said that Thumzup is looking forward to establishing a premier DOGE mining company in partnership with DogeHash.

Parker Scott, DogeHash’s CEO, appreciated Thumzup for investing in his company despite the pending acquisition deal. “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,” the CEO added.

Trump family–affiliated Thumzup Media Corporation (Nasdaq: TZUP) provided $2.5 million to DogeHash Technologies to expand Dogecoin mining and deploy next-generation ASIC miners, adding 500+ units and raising the total to over 4,000 this year. https://t.co/r3YInHlk9m

— Wu Blockchain (@WuBlockchain) October 1, 2025

Dogecoin Spikes Slightly

At the time of writing, DOGE is 0.5% up in the past 24 hours, trading at $0.2334. Within the same timeframe, it fluctuated between $0.2269 and $0.234 with trading volume of $1.83 billion. The other extended period price change metrics reflected declines. For context, DOGE dropped 1.4% 7-day-to-date and 11.9% 14-day-to-date. However, it spiked 11.6% month-to-date and 97.2% year-to-date. Meanwhile, supply inflation reflected medium at 3.42%, volatility was high at 9.42%, while dominance was 0.90%.

Interest in Mining Operations Continues to Rise

On September 23, Crypto2Community reported that American Bitcoin (BTC) mining firm CleanSpark secured $100 million from Coinbase Prime to scale its Bitcoin mining operations by adding more megawatts to its energy portfolio.

Matt Schultz, CleanSpark’s CEO, stated:

“We see tremendous opportunity to accelerate mining growth while simultaneously optimising our assets, particularly those near major metro centres and in our immediate pipeline, through the potential development of high-performance compute campuses.”

In September, Kyrgyzstan’s parliament voted in support of a new bill that permits the establishment of state-led cryptocurrency mining and reserve, using national resources. The move formed part of the nation’s government effort to boost its economy via digital innovation.

France’s Rassemblement National Party also pushed for the conversion of excess nuclear energy into state-backed Bitcoin mining operations. The group proposing the move argued that France’s surplus energy supply could generate extra revenue beyond basic power needs.