Thumzup raised $50M to expand crypto mining, digital asset holdings, and establish a Bitcoin backed credit facility.
The firm holds 19.1 BTC and plans up to $250M in assets, adding coins like Dogecoin, Litecoin, Solana, and Ether.
Donald Trump Jr. increased his stake with a $3.3M share purchase, deepening involvement in the firm’s crypto shift.
Thumzup Media Corporation, where Donald Trump Jr. holds a major stake, has raised $50 million to advance into crypto mining and expand its digital asset portfolio. The funds came from a $10-per-share offering completed Tuesday, according to the company’s statement Wednesday. This move is key for the firm, which began as a social media marketing platform before increasing its focus on crypto-related ventures.
$50 Million Capital Boost Targets Mining Infrastructure
The company stated the newly raised funds will support the purchase of cryptocurrencies and the construction of large scale mining facilities. Thumzup added it is in discussions with mining technology providers to speed up the rollout of its planned mining operations. Notably, the firm aims to build “state-of-the-art cryptocurrency mining infrastructure” as part of its updated business strategy.
This expansion comes after Thumzup acquired its first Bitcoin in early January. The company currently holds 19.1 BTC, valued at approximately $2.36 million at current market prices. The board has approved a ceiling of $250 million in total digital asset holdings, with diversification plans including Dogecoin, Litecoin, Solana, XRP, Ether, and USDC.
Partnership with Coinbase for Bitcoin Credit Facility
Alongside the mining expansion, Thumzup revealed a new partnership with Coinbase to establish a Bitcoin backed credit facility. This arrangement is expected to allow the company to leverage its crypto holdings for operational and strategic purposes.
Bitcoin rally has led to speculation and market activity to move beyond the $125,000. The timing of Thumzup’s announcement placed it directly in the spotlight during a period of increased crypto market activity.
Trump Jr.’s Investment and Market Reaction
According to a July regulatory filing, Donald Trump Jr. increased his stake earlier this year by purchasing 350,000 shares worth nearly $3.3 million at the time. His investment reflects a deepening involvement in the company as it transitions toward digital assets and blockchain-related ventures.
Following the $50 million funding news, Thumzup’s stock gained 6.73% in after-hours trading Wednesday, closing at $10.78. This rise came after the shares had ended the regular session down 1.1%.
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