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Trump Jr.-Linked Thumzup Stock Sinks 7.7% After $2M Dogecoin Bet

Thumzup Media Corporation’s inventory fell sharply on Wednesday after the corporate disclosed a $2 million funding in Dogecoin, exhibiting its deepening curiosity in cryptocurrencies and digital asset infrastructure.

The Nasdaq-listed agency announced on Thursday that it had bought about 7.5 million Dogecoin tokens at a weighted common value of $0.2665, marking its first open-market DOGE acquisition.

The transfer comes as Thumzup prepares to increase into large-scale Dogecoin mining by means of its pending acquisition of Dogehash Technologies.

Thumzup Deepens Digital Asset Pivot With Dogecoin Mining and Treasury Strategy

Despite the announcement, shares of Thumzup closed down 7.7% at $4.61 on Wednesday. The inventory recovered about 4.5% in after-hours buying and selling following the submitting. The value of Dogecoin, in the meantime, rose 5.4% to $0.28, in accordance with CoinGecko.

Source: Google Finance

Thumzup’s pivot towards Dogecoin has accelerated in latest months. Earlier this month, the corporate revealed plans to deploy 3,500 mining rigs by the end of the year, following its settlement to amass Dogehash.

Dogehash presently operates round 2,500 Scrypt ASIC miners throughout North America, centered on producing Dogecoin and Litecoin, with one other 1,000 rigs anticipated later in 2025.

Pending shareholder approval, the deal will see Dogehash shareholders swap their holdings for 30.7 million Thumzup shares, after which the merged entity will rebrand as Dogehash Technologies Holdings and commerce below the ticker XDOG.

To assist its growth, Thumzup has additionally strengthened its management.

This week it appointed Jordan Jefferson, CEO and co-founder of DogeOS and head of the Dogecoin pockets MyDoge, to its Crypto Advisory Board, alongside DogeOS government Alex Hoffman.

Jefferson, whose DogeOS platform is backed by Polychain Capital, has been lively in Bitcoin and blockchain growth since 2011.

He stated Thumzup’s technique of deploying its DOGE holdings into the ecosystem quite than merely storing them might assist strengthen the Dogecoin financial system.

The firm’s chief government, Robert Steele, stated Jefferson’s appointment reveals Thumzup’s dedication to increasing its function in digital property, citing his management in constructing functions that improve the utility of Dogecoin.

Thumzup has quickly reshaped itself from a social media advertising and marketing agency right into a crypto-focused firm. Founded in 2020 and primarily based in Los Angeles, the agency initially operated a platform that rewarded customers with money for selling branded content material on social media.

In January, it launched a crypto treasury with a $1 million funding in Bitcoin and has since diversified its holdings.

By July, its board authorized the company to hold up to $250 million worth of cryptocurrencies, together with Bitcoin, Ether, Solana, XRP, Dogecoin, Litecoin, and USDC.

In August, Thumzup raised $50 million in a stock offering priced at $10 per share, with proceeds directed towards crypto mining infrastructure and focused blockchain investments.

The firm reported holding 19.1 BTC as of mid-year and stated it intends to diversify additional into main tokens.

Thumzup’s investor base additionally drew consideration in July when it was revealed that Donald Trump Jr., son of former U.S. President Donald Trump, owns 350,000 shares of the company.

Notably, the stake was acquired on the recommendation of an funding adviser, and Trump Jr. holds no function in administration or operations.

Dogecoin Climbs Ahead of First-Ever US ETF Launch

Dogecoin traded at $0.28 on Thursday, recovering 12% from a neighborhood low of $0.25 earlier this week. The token stays practically 62% beneath its all-time high of $0.7316, reached in May 2021.

The rebound comes as the primary Dogecoin exchange-traded fund (ETF) prepares to launch within the United States. The REX-Osprey Dogecoin ETF debuts Thursday, changing into the primary regulated product devoted to a memecoin.

Sponsored by REX Shares and Osprey Funds, the group behind the Solana Staking ETF earlier this 12 months, the product was filed below the Investment Company Act of 1940, permitting for quicker approval than conventional Securities Act filings.

Analysts say the ETF might channel institutional capital into the Dogecoin market whereas granting broader legitimacy to an asset as soon as thought of a novelty.

“The first ever DOGE ETF is launching tomorrow,” ETF Store president Nate Geraci wrote on X, predicting “wild” months forward.

Influencer SMC Kapil DEV referred to as the debut a milestone for Wall Street, including that Dogecoin is shifting “from a memecoin to a mainstream asset.”

The U.S. Securities and Exchange Commission is also reviewing applications for spot DOGE ETFs, together with Grayscale’s proposal to transform its Dogecoin Trust.

A choice on that submitting is predicted by mid-October. Betting platform Polymarket shows merchants assigning a 98% likelihood of approval for a spot DOGE ETF in 2025.

Technical indicators again the optimism. Chart information reveals Dogecoin broke out of a symmetrical triangle sample in early September, rallying towards $0.30. Immediate resistance sits at $0.30–$0.35, with assist close to $0.26–$0.25.

Source: X/Scofield

Analysts say holding above that vary might pave the best way for a push towards $0.35–$0.40, whereas a breakdown beneath $0.25 would invalidate the bullish pattern.

The publish Trump Jr.-Linked Thumzup Stock Sinks 7.7% After $2M Dogecoin Bet appeared first on Cryptonews.

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