Thumzup Media Corporation, a company focusing on social media marketing in the crypto sector, is set to venture into crypto mining after securing $50 million from investors.
The company announced that it will expand its cryptocurrency strategy to include large-scale mining and blockchain investments.
Thumzup intends to utilize part of the $50 million raised from its recent $10 per share offering to acquire advanced cryptocurrency mining infrastructure and is collaborating with mining technology providers to expedite development.
Having purchased 19.1 Bitcoin (BTC) in early January, Thumzup is part of a trend where public companies acquire cryptocurrencies, hoping to boost their stock prices.
In related news, Donald Trump Jr. recently acquired 350,000 shares, valuing them at about $3.3 million. This move reflects the Trump family’s growing interest in the crypto market, according to regulatory filings.
Bitcoin Approaches $125,000
Thumzup’s investments come as Bitcoin aims to surpass $125,000, following its rise above the prior all-time high of $124,000.
Bitcoin hit a record of $124,128 shortly before 12:40 AM UTC on Thursday, according to Coingecko, though it has since dipped to $123,683, marking a 3.6% increase over the last 24 hours.
Back in July, Thumzup indicated plans to acquire Dogecoin (Lite), Solana (SOL), XRP, Ether (ETH), and USDC, alongside Bitcoin, accumulating a total of up to $250 million in various cryptocurrencies.
Thumzup Shares Rise After Hours
Thumzup (TZUP) shares increased by 7.62% to $10.87 in after-hours trading on Wednesday, recovering slightly after a nearly 1.1% decline during regular trading.
Overall, Thumzup has enjoyed a striking 194.5% growth this year, with a recent peak of $15.46 last Friday.
On Monday, however, the stock opened at $10.40, nearly a 33% drop, which followed an announcement about its non-voting convertible preferred stock becoming public, although details regarding its offering have changed.
H100 Group Expands Bitcoin Holdings
Despite increasing crypto prices, companies continue to acquire cryptocurrencies. Stockholm-based H100 Group recently purchased 45.8 BTC, raising its total holdings to 809.1 BTC.
H100 Group disclosed that it spent $5.47 million, averaging about $119,090 per Bitcoin.
The company ranks 42nd globally in Bitcoin holdings among publicly traded entities, with German Bitcoin Group SE leading in the EU with 3,605 BTC.
