Thumzup acquisition of Dogehash: Layout of DOGE and LTC Mining business to expand Decentralized Finance ecosystem

[Chain News] PANews reported on August 19 that a social media company, Thumzup, announced it will acquire the industrial-grade blockchain mining company Dogehash Technologies, which focuses on DOGE and LTC Mining, through a stock-only transaction. This acquisition is one of its strategic moves to enter the Crypto Assets mining industry. Dogehash currently operates 2,500 Scrypt ASIC Mining Rigs in North America, primarily using renewable energy, and plans to further expand its mining rig scale.

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

According to the agreement, Dogehash shareholders will exchange all their shares for 30.7 million shares of Thumzup stock. The merged company will be renamed "Dogehash Technologies Holdings, Inc." and will trade on Nasdaq under the new code "XDOG," with the transaction expected to be completed by the end of the year.

Thumzup stated that the merged company will become a global leader in DOGE Mining, while enhancing miner profits and amplifying earnings beyond block rewards by staking DOGE on Layer-2 infrastructure through the DeFi products in the DogeOS ecosystem.