Thumzup To Buy Dogehash Technologies In All-stock Deal

(RTTNews) - Thumzup Media Corporation (TZUP) Tuesday said it has agreed to acquire Dogehash Technologies, Inc., a blockchain infrastructure company, in an all-stock transaction.

As per the deal, Dogehash shareholders will exchange 100% of their holdings for 30.7 million shares of Thumzup. The combined company will be named as Dogehash Technologies Holdings, Inc. and will trade on the Nasdaq under the symbol XDOG.

Dogehash Technologies Holdings plans to become a Dogecoin mining platform and will use Dogecoin Layer-2 infrastructure to improve miner economics and increase yields beyond base block rewards.

A portion of the $50 million from the recently completed stock offering by Thumsup will be used to purchase mining rigs and accumulate digital assets, Thumzup said in a statement.

The deal is expected to close in the fourth quarter of this year.

"This accelerates our evolution from a digital-marketing platform into a diversified digital-asset infrastructure and treasury company," said Robert Steele, Chief Executive Officer of Thumzup. "Dogehash brings world-class mining expertise, low-cost renewable power and access to cutting-edge Scrypt miners. Our vision is not only to mine Dogecoin and Litecoin efficiently but also to explore utility-driven use cases that leverage Dogecoin's fast settlement and low fees for everyday payments and rewards."