Thumzup made its biggest bet on cryptocurrencies to date. Following a $50 million IPO, the company is working to accumulate vast amounts of Ethereum, Dogecoin, Solana, and other cryptocurrencies, while building its mining infrastructure, indicating a rare hybrid strategy for a publicly traded Nasdaq company.
Summary
Thumzup Media raised $50 million in an IPO to fund cryptocurrency accumulation and expand mining.
The company will target ETH, DOGE, and SOL as core assets while building a scalable and energy-efficient mining operation.
The partnership with Coinbase supports the treasury strategy, including Bitcoin-backed credit facilities for liquidity and hedging.
According to a recent report submitted to the U.S. Securities and Exchange Commission, Thumzup Media Corporation (Nasdaq: TZUP) closed a $50 million public offering at $10 per share, with net proceeds allocated to cryptocurrency accumulation and mining expansion.
The company, based in Los Angeles, which was originally a disruptor in advertising technology, is now focusing on digital assets, targeting Ethereum (ETH), Dogecoin (DOGE), Solana (SOL), and other "high-potential" cryptocurrencies as core assets. Dominion Securities facilitated the offering, which was executed under the S-3 registration filed earlier this year.
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Thumzup's shift towards cryptocurrencies
Thumzup stated that the aggressive $50 million shift to digital assets comes at a time when the United States is strengthening its position as a global center for innovation in cryptocurrency, with regulatory clarity and institutional adoption reaching new heights.
According to the company, its pivot is designed to create a scalable and energy-efficient mining operation while diversifying its digital asset treasury, or DAT.
CEO Robert Steele stated: "This is a revolutionary step in the evolution of Thumzup. With a strong capital base and a clear strategic vision, we are expanding our business in high-growth areas of the digital economy. Our focus is on building solid, revenue-generating assets, while establishing the company's position as a leader in digital asset mining and treasury management."
In parallel, the company has expanded its relationship with Coinbase to support this ambition. This move follows the May 2025 initiative, where Thumzup paved the way for creating a Bitcoin-backed credit facility through Coinbase Prime.
This provided the company with non-dilutive capital, enabling it to maintain exposure to the potential appreciation of Bitcoin. This facility represents more than just funding: it serves as a hedge against volatility and a tool for liquidity management.
Mining operations
The expansion of mining adds a new dimension to its strategy. By investing in advanced mining platforms, Thumzup aims to create a self-sustaining system where mining operations generate crypto assets that can be held in treasury bonds or used as collateral. It is a vertical integration process that could, theoretically, reduce the company's reliance on open market purchases while creating operational synergies with its existing business lines.
However, challenges loom ahead. Cryptocurrency mining has become an increasingly specialized industry, dominated by economies of scale. Thumzup will need to address energy costs, hardware obsolescence, and regulatory scrutiny, all while convincing shareholders that this capital-intensive shift from its core advertising technology business is justified.
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