The former social media marketing firm already holds 19.1 BTC, and is also exploring diversification into other digital assets with approval to hold up to $250 million in crypto. The move was announced as Bitcoin hit record highs above $124,000 and follows Donald Trump Jr.'s purchase of 350,000 shares in the company. Thumzup’s stock also gained 7.62% in after-hours trading.
Thumzup Plans Major Crypto Push
Thumzup Media Corporation, a former social media marketing firm that pivoted into cryptocurrency investing earlier this year, is ramping up its crypto ambitions after raising $50 million from investors. The company announced plans to expand its strategy to include large-scale cryptocurrency mining and targeted blockchain investments, with a portion of the new funding earmarked for building “state-of-the-art” mining infrastructure. Thumzup said it is in talks with mining technology providers to accelerate the rollout.
Announcement from Thumzup
The firm currently holds 19.1 Bitcoin, joining the growing list of publicly traded companies that have added cryptocurrencies to their balance sheets in a bid to boost shareholder value. Interestingly, Donald Trump Jr., son of US President Donald Trump, bought 350,000 shares in the company in early July, which was then worth about $3.3 million.
Thumzup’s latest announcement was made as Bitcoin reached a new all-time high of $124,128 before easing to $123,683. Earlier this year, the company also revealed plans to diversify its holdings beyond Bitcoin into assets like Dogecoin, Litecoin, Solana, XRP, Ethereum, and USDC, with board approval to hold up to $250 million worth of crypto.
Thumzum Media Corp share price over the past 24 hours (Source: Google Finance)
Shares in Thumzup rose 7.62% in after-hours trading to $10.87 on Wednesday, partially rebounding from a steep drop earlier in the week after the firm’s public offering announcement. The stock is still up nearly 194.5% year-to-date despite recent volatility.
