In a press release, Thumzup Media Corporation, a Nasdaq-listed company backed by the Trump family, confirmed that it completed a secondary public offering under its platform registration, raising $50 million at $10 per share. The funds will be used to acquire cutting-edge mining equipment and create a diversified cryptocurrency reserve that includes XRP, BTC, ETH, SOL, and LTC.
The decision comes after the company's prior authorization to expand its cryptocurrency holdings beyond Bitcoin, with the goal of reaching a $250 million digital asset portfolio that also includes USDC and DOGE. The board of directors of Thumzup has approved an allocation strategy that allows for maintaining up to 90% of its liquid assets in cryptocurrencies.
Thumzup's decision adds to the growing trend of publicly traded companies diversifying into cryptocurrencies. Just yesterday, Vivopower announced its partnership with Crypto.com to manage the institutional custody of its digital assets, including XRP.