According to Odaily Planet Daily, Thumzup, a social media company backed by the Trump family, announced it will acquire Dogehash Technologies, an industrial-grade blockchain mining company specializing in Dogecoin and Litecoin mining, in an all-stock transaction. This acquisition is part of its strategic move into the cryptocurrency mining industry. Dogehash currently operates 2,500 Scrypt ASIC mining machines in North America, primarily powered by renewable energy, and plans to further expand its mining fleet.

Thumzup raised $50 million through a common stock offering in July to purchase assets such as BTC, ETH, DOGE, LTC and XRP, while also supporting the development of its cryptocurrency mining business.

Under the agreement, Dogehash shareholders will exchange all of their shares for 30.7 million Thumzup shares. The combined company will be renamed "Dogehash Technologies Holdings, Inc." and trade on the Nasdaq under the new symbol "XDOG." The transaction is expected to close before the end of the year.

Thumzup said the combined company will become the world's leading Dogecoin mining platform, while also increasing miner returns and amplifying benefits beyond block rewards by staking Dogecoin's Layer-2 infrastructure through DeFi products within the DogeOS ecosystem. (The Block)