Thumzup Media Corporation said Thursday it has purchased 7.5 million Dogecoin tokens valued at about $2 million, marking the company’s first open-market acquisition of the cryptocurrency. The move comes as investors await the debut of the first exchange-traded funds tied to Dogecoin, a development expected to broaden access to the digital asset.
Treasury Move Tied to Anticipated ETF Rollout
The Los Angeles-based firm disclosed that it paid an average of 26.65 cents per token in the transaction. Thumzup executives said the acquisition reflects the company’s growing focus on digital assets at a time when regulators are reviewing applications for Dogecoin-linked ETFs.
Approval of such funds would represent a milestone for the currency, enabling broader participation from institutional and retail investors. Chief Executive Robert Steele said the company views the ETF discussions as a turning point for the digital asset sector. Steele noted that the Dogecoin purchase builds on Thumzup’s ongoing efforts to integrate cryptocurrency into its treasury holdings.
Thumzup Media to Expand Into Mining Operations
Alongside its direct token purchase, Thumzup outlined plans to expand its role in the Dogecoin ecosystem through the proposed acquisition of DogeHash, a mining business operating 2,500 rigs with 1,000 more expected to come online later this year.
The company said the potential acquisition follows its $50 million stock offering in August, proceeds of which were designated for digital asset accumulation and the purchase of mining equipment. Officials said the additional rigs would increase Thumzup’s exposure to cryptocurrency production at a time of rising interest in Dogecoin.
Advisory Board Appointments
Thumzup also announced new appointments to its Crypto Advisory Board. Jodan Jefferson, chief executive of DogeOS and leader of the MyDoge project, and Alex Hoffman, head of ecosystem at DogeOS, have joined the panel.
The company said the two bring experience in blockchain development that may help guide its future strategy in digital assets. The appointments reflect Thumzup’s effort to strengthen governance and technical expertise as it expands its involvement in the cryptocurrency sector.
Market Context
Dogecoin, created in 2013 as a lighthearted alternative to Bitcoin, has since developed a substantial online following and has seen periodic surges in price. Market analysts have said the launch of exchange-traded funds could mark an important step in the currency’s path toward broader legitimacy among mainstream investors.
Thumzup, which trades on Nasdaq under the symbol TZUP, has not disclosed further details about the timing of its proposed mining acquisition.
