Thumzup Media Corporation (Nasdaq: TZUP), a social media marketing company with Donald Trump Jr. as a major shareholder, has secured $50 million in fresh funding to expand aggressively into cryptocurrency purchases and large-scale mining operations.
The company revealed on Wednesday that the new funds, raised through a $10-per-share offering completed on Tuesday, will be used to bolster its crypto portfolio and invest in “state-of-the-art cryptocurrency mining infrastructure.” Thumzup added that it is in talks with mining technology providers to speed up the rollout of its mining facilities.
Thumzup, originally launched as a social media marketing platform, has recently shifted its focus to the crypto sector. It’s now part of the rising trend of publicly listed firms investing in digital assets to drive up shareholder value.
Thumzup bought its first Bitcoin in early January and currently holds 19.1 BTC, valued at roughly $2.36 million at current rates. In July, it revealed plans to branch out into other cryptocurrencies, such as Dogecoin, Litecoin, Solana, XRP, Ether, and USDC. The board has also cleared the company to hold up to $250 million worth of digital assets in total.
Donald Trump Jr., the son of the U.S. President Donald Trump, deepened his stake in the company earlier this year, acquiring 350,000 shares worth nearly $3.3 million at the time, according to a July regulatory filing. The move reflects the Trump family’s growing involvement in the cryptocurrency sector.
The announcement coincides with Bitcoin hitting new all-time highs. The world’s largest cryptocurrency briefly touched $124,128 just before 12:40 a.m. UTC on Thursday, before slightly cooling to $123,683. The price surge, a 3.6% gain over the past 24 hours, has fueled speculation among traders that BTC could break the $125,000 mark in the near term.
Following the funding announcement, Thumzup’s shares jumped 6.73% in after-hours trading on Wednesday, closing at $10.78 after ending the regular session down 1.1%.
With $50 million in fresh capital, a diversified crypto acquisition plan, and ambitions to become a major player in Bitcoin mining, Thumzup’s latest move signals a deeper bet on the sector at a time when the market is riding record-breaking momentum.
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