Thumzup Media Corporation, once focused on social media marketing, is ramping up its cryptocurrency ambitions after raising $50 million from investors.
In a statement on Wednesday, the company said it will expand its strategy to include large-scale crypto mining and targeted blockchain investments. Part of the funds from Tuesday’s $10-per-share offering will go toward purchasing “state-of-the-art cryptocurrency mining infrastructure,” with talks already underway with mining technology providers to speed up deployment.
Thumzup currently holds 19.1 Bitcoin after making its first purchase in early January. It joins a growing number of public companies betting on digital assets to boost their market value.
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The move also comes with high-profile backing. Donald Trump Jr., son of U.S. President Donald Trump, bought 350,000 shares in early July, then valued at nearly $3.3 million, according to a regulatory filing, adding to the Trump family’s deepening involvement in the crypto sector.
Thumzup Rides Bitcoin Rally to Expand Crypto Ambitions
Thumzup’s latest crypto push comes as Bitcoin soars to a new all-time high above $124,000, with traders eyeing a possible break past $125,000. Bitcoin touched a record $124,128 just before 12:40 a.m. UTC on Thursday before dumping to ~$117,000.
In early July, Thumzup revealed plans to diversify its holdings beyond Bitcoin, targeting assets such as Dogecoin, Litecoin, Solana, XRP, Ether, and USDC. The company’s board has since approved a mandate allowing it to hold up to $250 million worth of cryptocurrencies.
