Media company Thumzup purchases 7.5 million Dogecoins for a total value of $2 million, aiming to bolster its digital currency holdings.
Thumzup Media Corporation, a company with ties to the Trump family, has announced its plans to bolster its Dogecoin (DOGE) presence by acquiring 3,500 mining rigs. This move is aimed at strengthening the company's crypto mining capacity and Dogecoin-related infrastructure.
The acquisition, which involves DogeHash – a Dogecoin mining operation, will see Thumzup running 3,500 DOGE mining rigs by the end of the year. Currently, DogeHash operates 2,500 mining rigs, with plans to install an additional 1,000 by the end of the year.
Thumzup's decision to focus on DOGE comes after it disclosed plans to allocate a significant portion of its treasury to the cryptocurrency. This move aligns with the company's vision for building a self-sustaining Dogecoin ecosystem.
In a strategic move, Thumzup has also added Jordan Jefferson, CEO of DogeOS, and Alex Hoffman, Head of Ecosystem at DogeOS, to its crypto advisory board. Both advisors bring experience in Dogecoin infrastructure and scaling technologies.
Jordan Jefferson, apart from his role at DogeOS, is also a co-founder of MyDoge wallet, further solidifying his expertise in the Dogecoin space.
Thumzup's foray into Dogecoin isn't its first venture into the world of cryptocurrencies. The company began its crypto treasury initiative in January with a $1 million Bitcoin investment. In July, it received board approval to grow its cryptocurrency holdings up to a potential $250 million.
In August, Thumzup raised $50 million through a stock offering, earmarked for digital asset investments and mining equipment expansion. The company has already put some of these funds to use, having recently acquired 7.5 million Dogecoin (DOGE) for approximately $2 million.
Meanwhile, Dogecoin now plays a more significant role in Thumzup's expanding crypto portfolio, alongside assets like Bitcoin, Ethereum, Solana, XRP, and Litecoin.
Elsewhere, CleanCore Solutions, a separate entity, has recently surpassed 500 million DOGE, moving towards a 1 billion target.
In other exciting news, the approval for the REX-Osprey Dogecoin ETF is pending, and a launch could follow within days. If approved, this ETF would provide investors with exposure to the price movements of DOGE, potentially opening up the cryptocurrency to a wider audience.
As these developments unfold, it's clear that Thumzup is committed to its Dogecoin strategy, with its latest acquisitions and advisor appointments expected to support its treasury expansion and mining roadmap.
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