- Publicly-listed US company Thumzup Media announced through a SEC filing on Thursday that it had purchased 7.5 million DOGE valued at around US$2 million.
- Thumzup’s DOGE purchase follows its US$2 million investment in Bitcoin earlier this year and reflects the company’s aggressive pivot towards crypto accumulation.
- Thumzup began pursuing crypto accumulation this year having previously been a social media marketing company. The shift intensified in July coinciding with a large investment in the company from Donald Trump Jr.
Nasdaq-listed company Thumzup Media (TZUP) has officially joined the ranks of so-called Dogecoin treasury firms, after a Thursday SEC filing revealed the company has acquired 7.5 million DOGE valued at around US$2 million (AU$3m).
Thumzup’s DOGE purchase adds to its existing US$2 million investment in Bitcoin. The company reportedly also has plans to expand its crypto portfolio to include other coins, including XRP and SOL.
Founded in 2020, Thumzup was initially run as a social media advertising company, describing its mission as “democratizing social media marketing” — which amounts to paying users to make positive social media posts on behalf of its clients.
Now Thumzup seems to be focussed primarily on mining and accumulating crypto, with the company announcing in July that its board had voted to authorise the company to hold up to US$250 million (AU$376m) in cryptocurrency. The company further announced in August plans to set up over 3,500 Dogecoin mining rigs by the end of 2025 through its acquisition of Dogecoin mining company, Dogehash.
Just days before its Dogecoin purchase, the company announced the appointment of DogeOS co-founder and CEO, Jordan Jefferson, to its Crypto Advisory Board. It previously announced the appointment of Alex Hoffman, Head of Ecosystem at DogeOS, to the board in August.
Related: XRP, DOGE and SOL: Thumzup Board Greenlights Crypto Expansion Beyond Bitcoin
Thumzup’s Pivot to Crypto Coincides with Trump Investment
Thumzup’s aggressive pivot towards crypto, which accelerated in July, coincided with a large investment in the company by Donald Trump Jr. He bought 350,000 shares in the company, valued at around US$4 million (AU$6m), ranking him as one of the largest individual shareholders in the firm.
A report from Bloomberg cited an anonymous source who claimed Trump Jr. bought the shares on the advice of a financial advisor and has no direct involvement with the company.
Trump Jr’s disclosure of his investment in Thumzup came after a US$6 million (AU$9m) private placement of the firm’s convertible preferred stock arranged by Dominari Securities. Both Donald Trump Jr. and Eric Trump serve as advisers to Dominari Securities’ parent company (Dominari Holdings), further strengthening the Trump family’s ties to the company.
Related: Trump Family Nets $1.3B Boost from Bitcoin Ventures and DeFi Gains
According to Yahoo Finance, Thumzup closed trading Wednesday at US$4.61 (AU$6.94), down 7.7% on the day. In after-hours trading though, it rallied slightly, up 2.37% at US$4.72 (AU$7.10). Meanwhile, data from CoinGecko shows Dogecoin is up 4.6% on the day, changing hands at US$0.2817 (AU$0.42).
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