Thumzup Media Corporation, which shifted from social media marketing to cryptocurrency investment earlier this year, has announced plans to grow its digital asset portfolio and enter the crypto mining sector.
The company revealed on Wednesday that it will broaden its strategy “to include large-scale cryptocurrency mining and targeted blockchain investments.”
$50M Funding Fuels Mining Push
Thumzup said it will use part of the $50 million raised from a $10 per share offering on Tuesday to purchase “state-of-the-art cryptocurrency mining infrastructure.” The firm is already in talks with mining technology providers to speed up the expansion.
This move follows Thumzup’s initial Bitcoin purchase in early January. The company now holds 19.1 BTC, joining a growing list of public firms that have invested in crypto to potentially lift their share value.
Trump Jr. Invests Millions
A regulatory filing in early July showed Donald Trump Jr., son of US President Donald Trump, bought 350,000 shares in Thumzup. At the time, the purchase was worth nearly $3.3 million, adding to the Trump family’s growing involvement in the crypto space.
Bitcoin Nears New Milestone
Thumzup’s plans come as Bitcoin trades near record levels. The cryptocurrency reached a new high of $124,128 just before 12:40 am UTC on Thursday, according to CoinGecko, before easing to $123,683. That marks a 3.6% gain in the past 24 hours, with traders watching closely for a push above $125,000.
Earlier in July, Thumzup said it planned to diversify beyond Bitcoin, targeting Dogecoin, Litecoin (LITE), Solana, XRP, Ether and USDC. The company’s board has since approved holding up to $250 million worth of cryptocurrency in total.
