Thumzup Media Loans $2.5M To DogeHash To Boost Dogecoin Mining Ahead Of Acquisition

Thumzup Media (TZUP) announced on Tuesday that it’s providing a loan of $2.5 million to DogeHash Technologies to expand its Dogecoin (DOGE) mining capacity and accelerate the development of its next-generation ASIC miners. 

TZUP’s stock was up as much as 5.6% in pre-market trade despite weakness in the broader market in anticipation of a potential U.S. government shutdown. On Stocktwits, retail sentiment around the stock remained in ‘bullish’ territory amid ‘high’ levels of chatter over the past day.

The loan comes ahead of Thumzup’s pending acquisition of DogeHash. "This helps us accelerate our deployment of cutting-edge Doge mining hardware. 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," said DogeHash CEO, Parker Scott. 

Dogecoin’s price has fallen 0.2% in the last 24 hours, with retail sentiment on Stocktwits continuing to trend in ‘bearish’ territory over the past day. Earlier this month, Thumzup acquired approximately 7.5 million Dogecoin, valued at around $2 million at the time, following a prior investment of $2 million in Bitcoin.

The company also recently raised $50 million through a stock offering to finance these crypto accumulation and mining initiatives. The company aims to scale its Dogecoin mining operations through the acquisition of DogeHash, which currently operates 2,500 rigs and has 1,000 more on order, targeting over 3,500 rigs by year-end 2025. 

Thumzup said its goal is to become a leading player in the Dogecoin mining ecosystem. Key figures in the Dogecoin community, including DogeOS CEO Jordan Jefferson, have also joined Thumzup’s Crypto Advisory Board to support this expansion.

Read also: Bitcoin Pulls Back To $112K Ahead Of Potential US Government Shutdown

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