Thumzup Media raised $50M to expand crypto holdings and launch large scale Bitcoin mining operations.
Bitcoin reached a record $124128 before easing as traders watched for a possible move beyond $125,000.
Sweden’s H100 Group increased its Bitcoin reserves to 809.1 BTC, securing fourth place among EU public companies.
Thumzup Media Corporation has raised $50 million to accelerate its push into cryptocurrency acquisitions and mining operations. The capital was secured through a $10-per-share offering completed on Tuesday.
https://twitter.com/Cointelegraph/status/1955826786257768475
The company confirmed it will direct the funds toward expanding its digital asset portfolio and building advanced mining infrastructure. Talks with mining technology providers are underway to speed up facility development.
Shift from Social Media to Digital Assets
Originally operating as a social media marketing platform, Thumzup has shifted its focus to the cryptocurrency sector. The strategy aligns with a growing trend of publicly traded companies allocating capital to digital assets. The firm purchased its first Bitcoin in January and now holds 19.1 BTC valued at about $2.36 million.
In July, it announced plans to add other cryptocurrencies, including Dogecoin, Litecoin, Solana, XRP, Ether, and USDC. Its board has authorized up to $250 million in total digital asset holdings.
Donald Trump Jr. Expands Stake
Donald Trump Jr., son of the U.S. president, increased his stake in Thumzup earlier this year. Regulatory filings from July show he acquired 350,000 shares worth nearly $3.3 million at the time. The investment reflects continued involvement by the Trump family in the cryptocurrency market.
The announcement comes as Bitcoin prices reach fresh highs. The largest cryptocurrency touched $124,128 early Thursday before easing to $123,683. This marks a 3.6% increase in the past 24 hours. Market analysts note strong buying momentum, with traders eyeing the $125,000 level.
Stock Performance Reacts to News
Following the funding disclosure, Thumzup’s shares climbed 6.73% in after-hours trading on Wednesday to close at $10.78. The stock had ended the regular session down 1.1%. Year-to-date, shares have gained nearly 194.5%, with a peak of $15.46 recorded on August 8.
Earlier this week, shares fell nearly 33% after the company announced a public offering of non-voting convertible preferred stock, later revising the plan.
European Firm H100 Group Increases Bitcoin Reserves
Elsewhere, Sweden-based health technology company H100 Group reported purchasing an additional 45.8 BTC. This brings its total holdings to 809.1 BTC. The acquisition cost averaged under 1.14 million Swedish krona per Bitcoin, totaling 52.18 million krona ($5.47 million).
https://twitter.com/CryptoPatel/status/1955705665747591180
H100 now ranks as the 42nd largest Bitcoin-holding public company globally and remains fourth in the European Union. Germany’s Bitcoin Group SE leads the EU with 3,605 BTC. With new capital, Thumzup aims to expand its presence in cryptocurrency markets and establish itself as a significant player in Bitcoin mining.
