Thumzup Media Corporation is a company that has shifted from social media marketing to purchasing cryptocurrency, planning to increase its cryptocurrency holdings and enter the crypto mining sector after raising $50 million from investors.
Thumzup announced on Wednesday that it will expand its crypto-related strategy, "including large-scale cryptocurrency mining and targeted blockchain investments."
The company stated that it will use a portion of the $50 million raised at $10 per share on Tuesday for "state-of-the-art cryptocurrency mining infrastructure" and is in talks with mining technology providers "to accelerate construction."
After first purchasing Bitcoin in early January, the company currently holds 19.1 Bitcoin (BTC), joining the trend of publicly traded companies looking to boost their stock prices through cryptocurrency purchases.
According to regulatory filings from early July, Donald Trump Jr. purchased 350,000 shares of the company, valued at nearly $3.3 million at the time, deepening the Trump family's already extensive interest in the crypto industry.
Thumzup's planned purchases come as Bitcoin climbs to a historic high of over $124,000, with traders hoping it can break through $125,000.
According to CoinGecko data, Bitcoin reached a record peak of $124,128 before slightly retreating to $123,683, up 3.6% in the past 24 hours as of 12:40 AM UTC on Thursday.
Thumzup stated in early July that, in addition to Bitcoin, it also plans to purchase Dogecoin (DOGE), Litecoin (LITE), Solana (SOL), Ripple (XRP), Ethereum (ETH), and USDC, with its board later allowing it to hold cryptocurrencies worth up to $250 million in total.
Thumzup (TZUP) shares rose 7.62% to $10.87 in after-hours trading on Wednesday, after closing down nearly 1.1%.
Thumzup has increased nearly 194.5% year-to-date, with its most recent historical high recorded at $15.46 on August 8.
However, after announcing a public offering of non-voting convertible preferred stock, its share price fell nearly 33% to $10.40 at the market open on Monday, a decision the company later reversed.
Despite the continuous rise in cryptocurrency prices, Bitcoin and crypto treasury companies continue to make significant purchases of cryptocurrencies.
Stockholm-based health technology company H100 Group announced on Wednesday that it has purchased 45.8 BTC, bringing its total holdings to 809.1 BTC.
H100 stated that it spent an average of less than 1.14 million Swedish Krona ($119,090) per Bitcoin, with a total cost of 52.18 million Swedish Krona ($5.47 million).
According to data from BitcoinTreasuries.NET, this positions H100 as the 42nd largest holder of Bitcoin among publicly traded companies globally, solidifying its fourth place among EU companies, with the leader being Germany's Bitcoin Group SE, which holds 3,605 BTC.
Related: Canary Capital registers Official Trump (TRUMP) ETF in Delaware
Original article: “Thumzup, associated with Donald Trump Jr., raises $50 million to purchase cryptocurrency and mining rigs amid Bitcoin (BTC) hitting new highs”
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