Trump Jr.-Backed Firm Aims for Dogecoin Mining Dominance With Massive $50M War Chest

Forget political dynasties—this Trump-linked venture is digging for digital gold. A firm with connections to Donald Trump Jr. just declared war on the Dogecoin mining sector, armed with a staggering $50 million funding round that's shaking up the crypto landscape.

The Mining Power Play

This isn't some hobbyist operation. The company's targeting nothing less than industry dominance, leveraging serious capital to outpace established miners. They're acquiring cutting-edge hardware, securing premium energy contracts, and positioning themselves to become the meme coin's mining powerhouse.

Market Implications

The move signals institutional-grade interest in what many still dismiss as a joke cryptocurrency. While Wall Street pours billions into Bitcoin ETFs, this aggressive Dogecoin play suggests smarter money sees value beyond the top-tier assets. Because nothing says financial sophistication like betting millions on a coin that started as literal satire.

Watch the hashrate charts—this battle for mining supremacy just got real.

Thumzup’s $50 Million Dogecoin Mining Push

The Trump family connection is not incidental to the capital stack behind this pivot. In July, a Thumzup shelf registration identified Donald J. Trump Jr. as a selling stockholder for 350,000 shares—disclosure that formalized his equity link to the company. The fundraising that now underwrites Thumzup’s crypto expansion was handled by Dominari Securities; notably, Donald Trump Jr. and Eric Trump joined the advisory board of Dominari Holdings, Dominari Securities’ parent, earlier this year, according to filings and contemporaneous reporting.

Regulatory filings show the DogeHash deal is structured as a change-of-control transaction. Under an August 19 Agreement and Plan of Merger, Thumzup will be renamed Dogehash Technologies Holdings, Inc.; at closing, it will issue 30.7 million restricted common shares to DogeHash shareholders, subject to shareholder approval under Nasdaq rules (including the 19.99% issuance threshold), Nasdaq’s own approval, a fairness opinion, and standard closing conditions. “The combined company aims to become the world’s leading Dogecoin mining platform,” the 8-K states. Media coverage has suggested the post-merger ticker could be “XDOG,” though that symbol has not been codified in the SEC filing.

While Thumzup’s letter reads unabashedly bullish on scrypt economics, the revenue math it presents is explicitly illustrative. Citing Bitmain’s specifications for L9-class miners (16 GH/s, ~3,360W), the company models that 3,500 units could produce annual revenue of about $22.7 million at $0.22 per DOGE, scaling to ~$103.2 million if Doge were to trade at $1. “Actual results may vary,” the letter cautions. It also emphasizes the plan to expand the fleet with proceeds from the $50 million offering, which it says left the firm with “more than $50 million in cash and [a] relatively small burn rate.”

The shareholder letter also situates Thumzup’s pivot in a broader policy moment, crediting a more crypto-forward US stance and laying out a treasury strategy that began with $1 million in Bitcoin purchases in January and a second $1 million allocation later that month. However, those themes are presented as the company’s own framing of tailwinds; the binding facts for investors remain the capital raise, the structure and conditions of the DogeHash merger, and the operational footprint Thumzup intends to assemble around Dogecoin and Litecoin mining.

On Thursday in Europe, Dogecoin was changing hands NEAR $0.2198, a level that—if sustained—would anchor Thumzup’s own “current-price” scenario toward the lower end of its revenue illustration.

“With the capital we already have, we believe we will be able to grow that business and drive significant value for our shareholders,” CEO Robert Steele writes, closing a letter that—if investors approve the share issuance and Nasdaq clears the control changes—would recast Thumzup as a public-market vehicle for Dogecoin-first industrial mining.