Chiara Bianchi
Thumzup Media Corporation (NASDAQ: TZUP) revealed on Thursday its first open-market Dogecoin acquisition, securing roughly 7.5 million DOGE tokens at an average cost of $0.2665 each, for a total value close to $2 million.
Earlier this month, the company confirmed its intention to deploy 3,500 Dogecoin mining rigs before year-end through the pending purchase of mining operator Dogehash. To support its growing crypto strategy, Thumzup has also added key figures to its Crypto Advisory Board, including Jordan Jefferson, CEO of DogeOS and leader at MyDoge, along with Alex Hoffman, head of ecosystem at DogeOS.
Stock Offering and Crypto Treasury Growth
This expansion comes on the heels of a $50 million common stock offering in August, priced at $10 per share. Thumzup first launched its crypto treasury in January with a $1 million Bitcoin investment. By July, the companyโs board had authorized up to $250 million in cryptocurrency holdings.
That same month, it was disclosed that Donald Trump Jr. owns 350,000 shares of the company, acquired through an advisorโs recommendation. Bloomberg reported he has no direct involvement in Thumzupโs operations.
Market Reaction and DOGE Price Movement
On Wednesday, Thumzupโs stock fell 7.7%, closing at $4.61 per share, but shares rose 4.5% after hours following the Dogecoin filing. Meanwhile, Dogecoinโs price climbed 2.4% to $0.28, based on PRIMEโs market data.
