Thumzup Media Corporation, previously focused on advertising technologies, announced plans to shift to the cryptocurrency sector, supported by a deal to acquire DogeHash Technologies.
Strategic Shift
In a shareholder letter, the CEO of Thumzup outlined a strategic transition to cryptocurrencies and the planned acquisition of DogeHash Technologies, a company engaged in Dogecoin mining.
Entry into Dogecoin Mining
The company signed definitive agreements to buy DogeHash, which currently operates 2,500 Dogecoin mining rigs. An additional 1,000 rigs are expected to be delivered later this year. Thumzup stated that controlling 3,500 comparable machines could generate annual revenue from $22.7 million at Dogecoin's current price of $0.22 to over $103 million if the token traded at $1.
Broader Strategy in the Crypto Industry
Alongside mining, Thumzup has expanded its holdings to include Dogecoin, Litecoin, Solana, Ripple, Ethereum, and USD Coin. In May, the company secured a Bitcoin-backed credit facility with Coinbase Prime. A crypto advisory board was also established, with Alex Hoffman from DogeOS being named a member.
Thus, Thumzup Media Corporation is actively pivoting from advertising technologies to the crypto industry, highlighted by the acquisition of DogeHash and the expansion of its cryptocurrency holdings.
