Thumzup Media Corporation has raised $50 million through a secondary stock offering at $10 per share, netting approximately $46.5 million after fees, to pivot aggressively into cryptocurrency mining and expand its digital asset treasury. The company will allocate funds toward building "state-of-the-art cryptocurrency mining infrastructure" focused on Bitcoin, while simultaneously purchasing Ether (ETH), XRP (XRP), Solana (SOL), Dogecoin (DOGE), and Litecoin (LITE) as part of a diversified portfolio strategy approved for up to $250 million in crypto holdings.
Donald Trump Jr., who acquired 350,000 shares valued at $3.3 million in early July, participated as one of the largest sellers in this offering. This development deepens the Trump family's extensive crypto involvement, with Bloomberg estimating $620 million earned from blockchain ventures recently. Thumzup's strategic shift from passive holdings includes active Bitcoin mining to generate operational revenue, with the firm currently holding 19.1 BTC worth over $2 million at current prices.
The announcement coincides with Bitcoin reaching an all-time high of $124,128, trading near $123,683 at reporting time. Thumzup's stock (TZUP) surged 7.62% in after-hours trading following the news, contributing to its 194.5% year-to-date growth despite a 33% drop earlier in the week. The move aligns with broader corporate crypto adoption trends, exemplified by Sweden's H100 Group increasing its Bitcoin holdings to 809.1 BTC.