Thumzup secured $50M to accelerate entry into large-scale crypto mining and expand its cryptocurrency holdings beyond its current Bitcoin position.
The board approved up to $250M in crypto investments, with plans to diversify into six additional major digital assets alongside Bitcoin.
Thumzup’s stock has surged 194.5% year-to-date, fueled by its aggressive shift to cryptocurrency despite reporting significant early-year losses.
Thumzup Media Corporation has raised $50 million to advance its entry into large-scale cryptocurrency mining and targeted blockchain investments. The funds come from a $10-per-share offering completed Tuesday. The Los Angeles-based company aims to accelerate deployment of mining operations and is in talks with technology providers to secure infrastructure.
Since entering the crypto space in January with a Bitcoin purchase, Thumzup now holds 19.1 BTC worth over $2 million. The board has authorized up to $250 million in total cryptocurrency holdings. The company plans to diversify into Dogecoin, Litecoin, Solana, XRP, Ether, and USDC.
Market Response and Stock Performance
Shares of Thumzup closed at $10.87 in after-hours trading Wednesday, rising 7.62% after a 1.1% decline during regular hours. Year-to-date, the stock has climbed nearly 194.5%, peaking at $15.46 on August 8. Earlier this week, shares fell almost 33% following a preferred stock offering announcement, later revised.
https://twitter.com/thumz_up/status/1955617025356632488
The company’s profile grew in early July when Donald Trump Jr. purchased 350,000 shares valued at nearly $3.3 million at the time. Regulatory filings confirmed the transaction, adding to market attention around Thumzup’s crypto pivot.
Industry Context and Bitcoin’s Record High
Thumzup’s mining expansion coincides with Bitcoin reaching a record $124,128 before easing to $123,683, according to CoinGecko. The trend reflects a broader movement of public companies increasing their crypto reserves. Stockholm-based H100 Group recently boosted its Bitcoin holdings to 809.1 BTC, ranking as the fourth-largest public holder in the EU.
Founded in 2020, Thumzup operates a platform that rewards users with cash for promoting products on Instagram. The company reported a $2.2 million loss on $151 in revenue in Q1 but continues to pursue aggressive growth in digital assets. Its strategy includes holding most of its liquid assets in Bitcoin and expanding into other cryptocurrencies using recent funding.
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