Bitcoin News Today: Thumzup Shifts to Crypto Mining After $50M Raise Drives 194.5% YTD Stock Surge

Thumzup Media Corporation has secured $50 million in funding through a $10-per-share offering, signaling its strategic pivot toward large-scale Bitcoin mining and targeted blockchain investments [1]. The firm, which first acquired Bitcoin in January and currently holds 19.1 BTC, announced plans to use the raised capital to purchase advanced mining rigs and fast-track deployments with technology providers [1]. The expansion marks a significant shift for the company, which previously operated in the social media marketing sector [1].

The capital raise has already had a notable impact on Thumzup’s stock, with shares surging nearly 194.5% year-to-date after the announcement [1]. While the stock had previously declined by 17% following a revised public offering of non-voting convertible preferred stock, it climbed 7.62% in after-hours trading to $10.87 [1]. High-profile investor Donald Trump Jr. has been closely associated with the company, having acquired 350,000 shares in early July [1]. Notably, he later sold the same number of shares, sparking speculation about the nature of his involvement and investment strategy [1].

Thumzup’s board has authorized the company to expand its cryptocurrency portfolio to a value of up to $250 million, with plans to include additional cryptocurrencies such as Dogecoin, Litecoin, Solana, XRP, Ether, and USDC [1]. The firm is also pursuing a broader diversification of its digital asset holdings, having added six new cryptocurrencies using funds from the recent capital raise [1].

Despite posting a $2.2 million loss on only $151 in revenue during Q1 2025, the company remains optimistic about its long-term prospects in the crypto market [1]. The CEO stated that Thumzup is “scaling into large-scale crypto mining and strategic blockchain investments,” aiming to capitalize on the global growth of digital assets [1].

The move aligns with a broader trend of corporate investment in cryptocurrency. For example, H100 Group, a health technology company, has become the fourth-largest Bitcoin holder in the European Union by adding 45.8 BTC to its holdings [1]. Thumzup’s strategy mirrors this trend, positioning the company as a diversified digital asset player [1].

As Thumzup continues its transition from a media company to a major player in the blockchain and crypto industries, investors will be watching closely for signs of execution success and financial performance improvements [1]. The firm’s ability to scale mining operations and manage a growing portfolio of digital assets will be key to its future growth.

Source: [1] Thumzup to Expand Into Crypto Mining, Blockchain Investments After $50M Raise (https://cryptonews.com/news/thumzup-to-expand-into-crypto-mining/)