Once the transaction closes, the mining firm is set to be renamed Dogehash Technologies Holdings and is expected to trade on Nasdaq under the XDOG ticker. Part of the raised money will buy 1,000 mining machines, company officials said.
Reports have disclosed that Thumzup described the mining effort as aggressive. The move ties mining assets and capital markets together in one package. Some details remain unclear.
For example, the timetable for renaming and listing, and the exact delivery schedule for the 1,000 rigs, were not spelled out in the letter. Still, the plan is in motion and will be watched closely by investors.
No firm numbers were given on how much of any token will be held. What was revealed is that this treasury plan follows earlier cryptocurrency buys: Thumzup invested $1 million in Bitcoin in January and then made an additional $1 million purchase later that month.
Based on reports from other firms, Thumzup is not alone. Webus International announced a $300 million XRP treasury plan in June. VivoPower, which raised $121 million from investors that include Saudi backers, has also discussed using part of that funding to hold XRP.
Trident Digital has said it intends to build a $500 million XRP reserve. Those moves are being watched by market participants because they change how some firms think about holding crypto on their balance sheets.
Investors will look for three items. First, whether the Dogehash deal closes and the 30.7 million-share exchange is completed. Second, the actual delivery and deployment of the 1,000 mining units. Third, any filings or announcements that show how much crypto Thumzup will place into its treasury and when those purchases occur.
The company framed its strategy as consistent with US President Donald Trump’s stated support for boosting American crypto activity, a political point that the firm used in the shareholder letter.
Featured image from Unsplash, chart from TradingView
