In a flurry of high-profile moves that have captured the attention of both Wall Street and the crypto community, a company closely affiliated with the Trump family has pumped $2.5 million into expanding Dogecoin mining capacity—marking yet another bold step in the family's rapid ascent across the digital asset sector.
On October 1, 2025, Thumzup Media Corporation, a Nasdaq-listed digital asset accumulator, announced it had provided DogeHash Technologies with a $2.5 million loan to fund the deployment of more than 500 new ASIC miners. According to Cryptonews, this expansion could push DogeHash’s total operational rigs to over 4,000 by the end of the year, significantly boosting the company’s presence in the competitive world of cryptocurrency mining.
This financial infusion comes on the heels of Thumzup’s August agreement to acquire DogeHash in an all-stock deal. The merger, which is expected to close in the fourth quarter of 2025, will see DogeHash shareholders swap all their holdings for 30.7 million Thumzup shares. The combined entity will rebrand as DogeHash Technologies Holdings and begin trading under the ticker XDOG, a move executives tout as the creation of the world’s largest Dogecoin mining platform.
Thumzup’s pivot to crypto is a story of rapid transformation. Just this January, the company was primarily a social media marketing firm. But following a $1 million Bitcoin purchase, Thumzup began its aggressive digital asset strategy. In July, the company made headlines when Donald Trump Jr., son of former President Donald Trump, purchased 350,000 Thumzup shares—worth nearly $3.3 million at the time—signaling a high-profile vote of confidence in the company’s new direction.
By August, Thumzup had raised $50 million through a $10-per-share offering, aiming to fund large-scale crypto mining infrastructure and targeted blockchain investments. The company’s board authorized up to $250 million in total crypto holdings, spanning Bitcoin, Dogecoin, Litecoin, Solana, XRP, Ether, and USDC. DogeHash, for its part, operates about 2,500 Scrypt ASIC miners at colocation sites across North America, focusing on producing Dogecoin and Litecoin.
With the new $2.5 million loan, DogeHash is set to add over 500 cutting-edge miners. As DogeHash CEO Parker Scott described it, this is “a pivotal period for the Dogecoin market.” Thumzup CEO Robert Steele echoed this optimism, stating the company is “enthusiastic about all the recent developments in the Dogecoin ecosystem” and looks forward to building “a premier Doge mining company together” with DogeHash. The combined entity plans to leverage Dogecoin’s Layer-2 infrastructure, introducing DeFi staking products integrated into the DogeOS ecosystem.
September saw Thumzup make its first open-market Dogecoin acquisition, purchasing approximately 7.5 million DOGE tokens for $2 million at a weighted average price of $0.2665. The company’s treasury now holds 19.106 Bitcoin and around 7.5 million Dogecoins, underscoring its commitment to digital assets. In a further sign of its crypto ambitions, Thumzup appointed Jordan Jefferson—CEO and co-founder of DogeOS and head of the MyDoge wallet, a platform backed by Polychain Capital—to its Crypto Advisory Board, alongside DogeOS executive Alex Hoffman. Jefferson has been active in blockchain development since 2011, bringing deep expertise to the table.
Thumzup’s financial maneuvers haven’t stopped there. In September, the company launched a $10 million share buyback program, set to run through December 2026, after completing a $1 million repurchase that bought back 212,432 shares at an average price of $4.71. The market has responded positively: shares climbed 5.7% to $4.81 following the expansion announcement, giving Thumzup a market cap of roughly $78 million. Dogecoin itself rose nearly 1% to $0.23 in the same period.
The Trump family’s involvement in crypto extends far beyond Thumzup. Their digital asset empire has grown at breakneck speed across multiple ventures. American Bitcoin, co-founded by Eric Trump and backed by Donald Trump Jr., made waves in September after an all-stock merger with Nasdaq-listed Gryphon Digital Mining. The debut saw American Bitcoin’s value surge 110%, giving the company a market cap of $7.7 billion. At its peak, the Trump brothers’ combined stake was briefly worth $2.6 billion, settling at around $1.5 billion by close.
American Bitcoin currently operates roughly 6,000 mining computers and recently entered a $2.1 billion controlled stock offering with Cantor Fitzgerald and Mizuho Securities. The aim: to acquire more Bitcoin and upgrade mining technology. Speaking at the Bitcoin 2025 Asia conference in Hong Kong, Eric Trump made a bold prediction: “everybody wants Bitcoin, everybody is buying Bitcoin,” and forecasted that Bitcoin would eventually reach $1 million.
The family’s crypto ambitions don’t end there. Trump Media & Technology Group raised $2.5 billion in May to build a massive Bitcoin Treasury and has since launched a $6.42 billion digital asset treasury company in partnership with Crypto.com. The Trump portfolio also includes NFT trading cards, two memecoins, and the Truth Social Bitcoin ETF, reflecting a diverse—and at times controversial—approach to digital assets.
But such high-profile involvement hasn’t come without scrutiny. Democratic lawmakers and ethics experts have criticized the family’s crypto ventures, raising concerns about potential conflicts of interest given their political prominence and influence. Despite these criticisms, the Trump family’s companies have continued to forge ahead, undeterred by the political headwinds.
On the public stage, the family has also been vocal about the potential of cryptocurrency. On October 1, 2025, Eric Trump appeared on the "Alex Marlow Show" to discuss the virtues of crypto. He argued that digital assets like Bitcoin bring “true democracy to the financial process” by eliminating lengthy know-your-customer procedures and ensuring people are not “debanked.” In his words: “You’re not going through 120 day know your customer in order to borrow your own money. … It really brings true democracy to the financial process, and by the way, you’re never going to get debanked.”
For supporters, the Trump family’s crypto ventures represent a new era of financial innovation and economic empowerment. For critics, they raise thorny questions about transparency, regulation, and the intersection of politics and finance. Whatever one’s view, the numbers speak volumes: on October 1, 2025, Thumzup’s stock was up 3.80% to $5.00 after the expansion announcement, while Dogecoin continued its modest climb.
As the year draws to a close, all eyes will be on Thumzup, DogeHash, and the Trump family’s sprawling crypto empire. Will their bets on Dogecoin and Bitcoin pay off—or will regulatory and political challenges catch up with them? For now, one thing’s certain: the fusion of politics, celebrity, and cryptocurrency is shaping up to be one of the most intriguing financial stories of the decade.
