Journalist
Hassan Shittu
Journalist
Hassan Shittu
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Thumzup Media Corporation’s stock fell sharply on Wednesday after the company disclosed a $2 million investment in Dogecoin, showing its deepening interest in cryptocurrencies and digital asset infrastructure.
The Nasdaq-listed firm announced on Thursday that it had purchased about 7.5 million Dogecoin tokens at a weighted average price of $0.2665, marking its first open-market DOGE acquisition.
The move comes as Thumzup prepares to expand into large-scale Dogecoin mining through its pending acquisition of Dogehash Technologies.
Thumzup Deepens Digital Asset Pivot With Dogecoin Mining and Treasury Strategy
Despite the announcement, shares of Thumzup closed down 7.7% at $4.61 on Wednesday. The stock recovered about 4.5% in after-hours trading following the filing. The price of Dogecoin, meanwhile, rose 5.4% to $0.28, according to CoinGecko.
Thumzup’s pivot toward Dogecoin has accelerated in recent months. Earlier this month, the company revealed plans to deploy 3,500 mining rigs by the end of the year, following its agreement to acquire Dogehash.
Dogehash currently operates around 2,500 Scrypt ASIC miners across North America, focused on producing Dogecoin and Litecoin, with another 1,000 rigs expected later in 2025.
Pending shareholder approval, the deal will see Dogehash shareholders swap their holdings for 30.7 million Thumzup shares, after which the merged entity will rebrand as Dogehash Technologies Holdings and trade under the ticker XDOG.
To support its expansion, Thumzup has also strengthened its leadership.
This week it appointed Jordan Jefferson, CEO and co-founder of DogeOS and head of the Dogecoin wallet MyDoge, to its Crypto Advisory Board, alongside DogeOS executive Alex Hoffman.
Jefferson, whose DogeOS platform is backed by Polychain Capital, has been active in Bitcoin and blockchain development since 2011.
He said Thumzup’s strategy of deploying its DOGE holdings into the ecosystem rather than simply storing them could help strengthen the Dogecoin economy.
The company’s chief executive, Robert Steele, said Jefferson’s appointment shows Thumzup’s commitment to expanding its role in digital assets, citing his leadership in building applications that increase the utility of Dogecoin.
Thumzup has rapidly reshaped itself from a social media marketing firm into a crypto-focused company. Founded in 2020 and based in Los Angeles, the firm originally operated a platform that rewarded users with cash for promoting branded content on social media.
In January, it launched a crypto treasury with a $1 million investment in Bitcoin and has since diversified its holdings.
By July, its board authorized the company to hold up to $250 million worth of cryptocurrencies, including Bitcoin, Ether, Solana, XRP, Dogecoin, Litecoin, and USDC.
In August, Thumzup raised $50 million in a stock offering priced at $10 per share, with proceeds directed toward crypto mining infrastructure and targeted blockchain investments.
The company reported holding 19.1 BTC as of mid-year and said it intends to diversify further into major tokens.
Thumzup’s investor base also drew attention in July when it was revealed that Donald Trump Jr., son of former U.S. President Donald Trump, owns 350,000 shares of the company.
Notably, the stake was acquired on the advice of an investment adviser, and Trump Jr. holds no role in management or operations.
Dogecoin Climbs Ahead of First-Ever US ETF Launch
Dogecoin traded at $0.28 on Thursday, recovering 12% from a local low of $0.25 earlier this week. The token remains nearly 62% below its all-time high of $0.7316, reached in May 2021.
The rebound comes as the first Dogecoin exchange-traded fund (ETF) prepares to launch in the United States. The REX-Osprey Dogecoin ETF debuts Thursday, becoming the first regulated product dedicated to a memecoin.
Sponsored by REX Shares and Osprey Funds, the team behind the Solana Staking ETF earlier this year, the product was filed under the Investment Company Act of 1940, allowing for faster approval than traditional Securities Act filings.
Analysts say the ETF could channel institutional capital into the Dogecoin market while granting broader legitimacy to an asset once considered a novelty.
“The first ever DOGE ETF is launching tomorrow,” ETF Store president Nate Geraci wrote on X, predicting “wild” months ahead.
Influencer SMC Kapil DEV called the debut a milestone for Wall Street, adding that Dogecoin is shifting “from a memecoin to a mainstream asset.”
The U.S. Securities and Exchange Commission is also reviewing applications for spot DOGE ETFs, including Grayscale’s proposal to convert its Dogecoin Trust.
A decision on that filing is expected by mid-October. Betting platform Polymarket shows traders assigning a 98% chance of approval for a spot DOGE ETF in 2025.
Technical indicators back the optimism. Chart data shows Dogecoin broke out of a symmetrical triangle pattern in early September, rallying toward $0.30. Immediate resistance sits at $0.30–$0.35, with support near $0.26–$0.25.
Analysts say holding above that range could pave the way for a push toward $0.35–$0.40, while a breakdown below $0.25 would invalidate the bullish trend.
