Donald Trump Jr.-backed Thumzup Media entering dogecoin mining game in a big way
Thumzup estimates its planned 3,500 dogecoin mining rigs will fetch $22.7 million in annual revenue.
On Thursday, Thumzup Media Corporation, backed by Donald Trump Jr., announced plans to increase the total number of dogecoin mining rigs in its operations to 3,500 units, according to its shareholder letter.
Thumzup’s pending acquisition of dogecoin mining rigs “marks the company’s entry into the rapidly growing $10.5 billion cryptocurrency mining market, which is projected to reach $22.6 billion by 2035, which is an 8.9% CAGR,” the announcement stated. “Importantly, it should diversify our revenue streams while positioning us as one of the few publicly traded, utility-scale Dogecoin miners.”
Year to date, dogecoin has dropped nearly 32% to trade around the $0.22 level. At this price level and with 3,500 mining rigs, the company is estimated to make $22.7 million in annual revenue. Thumzup Media’s stock dropped on the news and is down nearly 3% as of 11:45 a.m. ET.
The announcement comes as senior Bloomberg ETF analyst Eric Balchunas predicts REX Shares and Osprey will be the first to roll out a spot dogecoin ETF by as early as next week.
Looks like Rex is going to launch a Doge ETF via the 40 Act a la $SSK next week based on below tweet combined w how they just filed an effective prospectus. Doge looks like first one to go out, but the pros also includes on there are Trump, XRP and Bonk so poss those too at some… https://t.co/svyAFLB8Q3
— Eric Balchunas (@EricBalchunas) September 4, 2025
REX Shares posted that its spot dogecoin ETF, which will trade under the ticker “DOJE,” is “coming soon” and will be the first ETF to provide exposure to the cryptocurrency that started off as a satirical joke but has since turned into a massive financial instrument with a market capitalization of nearly $32.9 billion.
The “40 Act” Balchunas referenced is short for the Investment Company Act of 1940, which focuses on the “disclosure to the investing public of information about the fund and its investment objectives, as well as on investment company structure and operations,” per a blog post from the SEC.
Meanwhile, CleanCore Solutions started a dogecoin treasury. The firm announced earlier this week a $175 million private placement to adopt dogecoin as its primary treasury reserve.
The firm also said Alex Spiro, a partner of New York law firm Quinn Emanuel Urquhart & Sullivan who has represented dogecoin enthusiast Elon Musk, will join as the company’s board chairman.
Shares of CleanCore have dropped more than 56% in the last five days.
