Thumzup, a media entity with connections to the Trump family, is venturing into cryptocurrency mining with plans to acquire 3,500 specialized computers for Dogecoin. The company anticipates potential yearly revenues reaching $103 million, contingent on Dogecoin’s price reaching $1.00.
According to a shareholder communication released on Thursday, Thumzup Media Corporation has entered into formal agreements, subject to shareholder approval, to purchase an operation dedicated to mining Dogecoin (DOGE). The initial acquisition includes 2,500 mining units, with an order placed for an additional 1,000.
The company initially declared its strategic shift from ad technology to cryptocurrency mining in August through the acquisition of DogeHash Technologies, the operator of the Dogecoin mining equipment.
Upon completion, the combined entity will adopt the name Dogehash Technologies Holdings and will be traded under the ticker symbol XDOG. The company also reported the successful closing of a $50 million share offering in August.
The company forecasts significant returns from its Dogecoin mining venture. Utilizing the 3,500 Bitmain Antminers, current estimates project annual revenues of $22.7 million. Should Dogecoin reach a value of $1, the corporation estimates it could generate up to $103 million annually.
Currently, DOGE is trading down for the day at $0.214, a significant decrease from its peak value in 2021.
Dogecoin Mining Outpaces Bitcoin Mining in Profitability
Thumzup highlighted data from BIT Mining, a publicly listed mining company, indicating that their Dogecoin mining activities generated approximately three times more profit than their Bitcoin (BTC) mining operations in December.
With a market capitalization exceeding $32 billion and daily trading volumes of $1.3 billion, Dogecoin is recognized as “one of the most widely held cryptocurrencies,” according to the company.
Related: Dogecoin’s ‘next wave’ targets $1.40 as first DOGE treasury is launched
Thumzup aims to establish itself as a leading publicly traded, large-scale Dogecoin miner. The company points to projections indicating the cryptocurrency mining market, currently valued at $10.5 billion, is expected to more than double by 2035.
This week, KuCoin announced plans to capture 10% of the Dogecoin mining capacity as more companies turn to alternative crypto assets.
Diversifying Crypto Holdings
In addition to Bitcoin, the Thumzup board has authorized the holding of Dogecoin (DOGE), Litecoin (LTC), Solana (SOL), XRP (XRP), Ether (ETH) and USDC (USDC) in its treasury.
As per data from BitcoinTreasuries.NET, Thumzup currently holds 19.1 BTC, with an approximate value of $2.1 million, according to reports.
Donald Trump Jr., the son of former US President Donald Trump, acquired 350,000 shares of the company, as revealed in a July filing. The connection between the Trump family and Thumzup is further solidified through Dominari Securities, the investment banking firm that has facilitated Thumzup’s fundraising, representing a deeper relationship.
Company stock (TZUP) experienced a 5.3% increase during the day, concluding the trading session at $5.57, data indicates from Google Finance. Despite a substantial decline from its August peak of over $15, the stock remains up 62% since the beginning of the year.
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