Thumzup Media has provided a $2.5 million loan to DogeHash Technologies as the Nasdaq-listed company positions itself to acquire the mining operation.
The capital injection will fund deployment of more than 500 ASIC miners, bringing DogeHash's operational capacity past 4,000 units before the year concludes. DogeHash currently runs 2,500 mining rigs with another 1,000 scheduled for delivery.
Parker Scott, who leads DogeHash as CEO, characterized the financing as critical for scaling operations during what he termed a significant period for the DOGE market. The acquisition deal awaits final shareholder approval before completion.
Thumzup's treasury strategy includes authorization to hold up to $250 million in digital assets. The company began accumulating cryptocurrency in January and currently holds 19.1 BTC alongside $1.83 million in DOGE, bringing combined holdings to roughly $3.85 million.
The Los Angeles firm recently established a $10 million share buyback initiative set to continue throughout 2026. Prior to this, Thumzup completed a smaller $1 million repurchase that added 212,432 shares at $4.71 each.
Shares of TZUP traded at $5.12 following the announcement, marking a 2.4 % daily gain. The stock has retreated significantly from August highs above $15, now sitting more than 65 % below those levels.
Robert Steele, Thumzup's chief executive, expressed optimism about recent ecosystem developments. The acquisition will result in renaming the combined entity to Degohash Technologies Holdings through an all‑stock transaction.
DOGE trades around $0.23, reflecting a 1 % decline over 24 hours. The leading memecoin has advanced 6 % across the monthly timeframe but remains 68 % beneath its 2021 peak of $0.73.