Trump family-linked media corporation Thumzup plans to acquire 3,500 Dogecoin mining rigs and expects to bring in as much as $103 million in annual revenue, depending on whether Dogecoin hits a dollar.
In a shareholder letter released on Thursday, Thumzup Media Corporation revealed that it has executed definitive agreements, pending shareholder approval, to acquire a Dogecoin (DOGE) mining operation with an initial 2,500 rigs and 1,000 more ordered.
In August, the company said it is pivoting from an adtech platform to cryptocurrency mining through the pending acquisition of DogeHash Technologies, which operates the Dogecoin miners.
The combined company will be renamed Dogehash Technologies Holdings and trade under the ticker XDOG. The firm reported the completion of a $50 million share offering in August.
The firm also made bold predictions about using 3,500 Bitmain Antminers to mine Dogecoin. At current prices, the company expects an annual revenue of $22.7 million, and if Dogecoin reaches $1, the firm could make as much as $103 million in annual revenue, it stated.
DOGE is currently trading down on the day at $0.214 and remains down more than 70% from its 2021 all-time high.
Dogecoin mining more profitable than Bitcoin mining
Thumzup cited publicly traded miner BIT Mining, which reported in December that its Dogecoin mining operations were nearly three times more profitable than Bitcoin (BTC) mining alone.
Dogecoin, with a market capitalization exceeding $32 billion and a daily trading volume of $1.3 billion, is “one of the most widely held cryptocurrencies,” it noted.
Related: Dogecoin’s ‘next wave’ targets $1.40 as first DOGE treasury is launched
Thumzup is framing itself as poised to become one of the few publicly traded, utility-scale Dogecoin miners, citing the $10.5 billion crypto mining market projected 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.
Crypto treasury ambitions
In addition to Bitcoin, the Thumzup board has authorized holding Dogecoin (DOGE), Litecoin (LTC), Solana (SOL), XRP (XRP), Ether (ETH) and USDC (USDC).
Thumzup holds 19.1 BTC worth around $2.1 million, according to BitcoinTreasuries.NET.
Donald Trump Jr., son of US President Donald Trump, bought 350,000 shares of the company, according to a July filing. The Trump family connection also runs deeper through Dominari Securities, the investment bank that has facilitated Thumzup’s fundraising.
Company stock (TZUP) was trading up 5.3% on the day, ending the session at $5.57, according to Google Finance. Its shares have fallen heavily from their August high of over $15, but remain up 62% since the beginning of this year.
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