Thumzup Media Corporation, a social marketing company in which Donald Trump Jr. is a major shareholder, is making a major push into cryptocurrency, announcing plans to spend $50 million on digital assets and crypto mining equipment.
The company said Wednesday it would expand its strategy “to include large-scale cryptocurrency mining and targeted blockchain investments.” Part of the new funding, raised through a $10-per-share offering on Tuesday, will go toward buying state-of-the-art mining rigs, with discussions already underway with mining technology providers to speed up deployment.
Thumzup entered the crypto market in January and now holds 19.1 BTC, worth about $121,923 each at current prices, joining a growing list of public companies that buy crypto both as a treasury asset and as a way to boost share prices. In early July, regulatory filings showed Trump Jr. had purchased 350,000 shares, then valued at roughly $3.3 million, deepening the Trump family’s involvement in the crypto industry.
The company has also outlined plans to diversify into Dogecoin, Litecoin, Solana, XRP, Ether, and USDC, with board approval to eventually hold up to $250 million in digital assets.
The move comes as Bitcoin hit a new all-time high of $124,128 early Thursday before easing to $123,683, with traders eyeing a break above $125,000.
Following the announcement, Thumzup’s (TZUP) stock rose 7.62% in after-hours trading to $10.87, reversing a 1.1% drop during the regular session. The shares have gained nearly 194.5% so far this year, hitting a record high of $15.46 last Friday, though they fell almost 33% earlier this week after the company announced, and then revised – plans to issue non-voting convertible preferred stock.
