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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.

9/5/25 11:54AM

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.

Yaël Bizouati-Kennedy

Bitcoin tumbles as oil and gas prices spike and the market’s mood turns risk-off

Bitcoin ETFs reverted to outflows and bitcoin suffered $192 million in liquidations in the past 24 hours.

Sage D. Young3/18/26

Payward, parent company of crypto exchange Kraken, puts plans for IPO on hold

Payward, crypto exchange Kraken’s parent company, has paused its plans for an initial public offering until market conditions improve, according to a report from CoinDesk that cited two people with knowledge of the matter.

Since the firm announced in November its preparation for an IPO of its common stock, the total market capitalization of the crypto industry has shed around $652.2 billion, from $3.2 trillion to $2.5 trillion as of Wednesday, data from CoinGecko shows.

The news comes two weeks after Kraken received approval for a master account from the Federal Reserve Bank of Kansas City, allowing the crypto exchange to connect to the Fed’s payment infrastructure used by traditional banks and credit unions.

Last year, Kraken raised $800 million at a $20 billion valuation from institutional investors such as Jane Street and Citadel Securities.

Payward, parent of crypto exchange Kraken, has put its IPO plans on hold

Last year, Kraken raised $800 million at a $20 billion valuation from institutional investors such as Jane Street and Citadel Securities.

Sage D. Young3/18/26

SEC and CFTC issue new guidance on how securities laws apply to crypto assets

On Tuesday, the US Securities and Exchange Commission, together with the Commodity Futures Trading Commission, issued an interpretation clarifying how federal securities law applies to crypto assets, a first step toward developing a clearer regulatory framework.

The interpretive guidance introduces a token taxonomy for different types of cryptocurrencies, with SEC Chairman Paul S. Atkins adding that “most crypto assets are not themselves securities.”

Examples of a digital commodity, “a crypto asset that is intrinsically linked to and derives its value from the programmatic operation of a crypto system that is ‘functional,’” include:

Aptos, avalanche, bitcoin, bitcoin cash, cardano, chainlink, dogecoin, ethereum, hedera, litecoin, polkadot, shiba inu, solana, stellar, tezos, and XRP.

The guidance also includes definitions of digital collectibles (such as NFTs), stablecoins, digital tools, and digital securities (such as tokenized real-world assets and stocks).

This is a monumental step in the mainstream adoption of the industry and clears a hurdle in how crypto can operate going forward, according to David Pakman, head of venture investments at CoinFund. “This will allow new token designs with the confidence that their existence does not require registration with the SEC, etc.,” Pakman told Sherwood News.

Despite the clarification efforts from the two organizations, the market capitalization of the crypto industry has dropped about 2% in the last 24 hours as each of the tokens mentioned in the guidance are trading lower in the period, data from CoinGecko shows.

The joint agency action also complements congressional efforts to turn a crypto market structure framework into law. With the goal of providing regulations on the offer and sale of digital commodities, the CLARITY Act passed the House of Representatives last year and is now sitting in the Senate.

Yaël Bizouati-Kennedy

3/18/26

Citi analysts cut 12-month bitcoin projection to $112,000 from $143,000

The analysts’ bear-case scenario is $57,537, based on “recessionary macro-factors, especially weak equity markets,” which could cause ETF flows to stall.

Sage D. Young3/17/26

Bitcoin sees 8 consecutive days of gains, a streak not seen in 4 years

Bitcoin is on a winning streak. The cryptocurrency has generated eight straight days of positive returns, a rare phenomenon that has occurred only 15 times since Satoshi Nakamoto created it, according to a CoinDesk report.

In the 30 days after posting an eight-day streak, bitcoin traded higher nine times and lower six times. The median return in the period is roughly 19%. Despite the historical gains that followed, the last time bitcoin had such a rally, four years ago, it dropped roughly 30%.

Most recently, bitcoin climbed from below $66,000 on March 8 to over $75,000 yesterday before settling around $73,800 on Tuesday morning.

Traders remain modestly bullish on the likelihood of further gains, though the sentiment is fading: prediction market-implied odds of bitcoin trading above $77,500 in the month stand at 54%, a decrease from 73% on Monday.

(Event contracts are offered through Robinhood Derivatives, LLC — probabilities referenced or sourced from KalshiEx LLC or ForecastEx LLC.)

Bitcoin hits rare 8-day winning streak – but 2022 bear market saw one too