Thumzup Media has provided DogeHash Technologies with a $2.5 million loan to help the company expand its Dogecoin mining fleet.
Expanding Dogecoin Mining Capacity
The loan will allow DogeHash to add 500 new ASIC miners, bringing its total fleet to 4,000 units by the end of the year. This expansion significantly boosts the company’s mining capacity, strengthening its position in the memecoin space.
Thumzup Stock Gains, $10M Buyback Plan Announced
Markets reacted positively. Thumzup Media (TZUP) shares rose 3.8% to $5.19, extending year-to-date gains to more than 45%. After debuting on Nasdaq in October 2024, raising $8.2 million at $5 per share, the company has now launched an aggressive $10 million share buyback program running until the end of next year.
CEO Robert Steele commented:
“We are thrilled about the ongoing developments in the Dogecoin ecosystem and excited to partner with DogeHash to build one of the leading DOGE mining companies.”
Building a Strong Crypto Portfolio
Thumzup Media has already shown strong crypto ambitions. In early September, it purchased $1 million worth of Bitcoin and signaled plans to increase its holdings in ETH, DOGE, XRP, SOL, LTC, and USDC. The company currently holds 19,106 BTC and 7.5 million DOGE, valued at roughly $4 million. Its board has authorized crypto holdings of up to $250 million.
Dogecoin Still Struggling
Despite these developments, Dogecoin remains under pressure. At the time of writing, DOGE trades at $0.27, down more than 68% from its all-time high of $0.7316 in 2021, when Elon Musk’s support pushed the memecoin close to the $1 mark.
Still, DOGE continues to capture investor attention. With a market cap of $35.19 billion and daily trading volume of $1.97 billion, it remains one of the most watched assets. The launch of the first U.S. Dogecoin ETF (ticker DOJE) on Cboe BZX two weeks ago, along with pending ETF applications from Grayscale and Bitwise, could provide new momentum. Analysts believe ETFs could push DOGE to new highs, though markets remain unpredictable.
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