Thumzup Media pours $50 million into crypto mining and treasury expansion

Thumzup Media Corporation is doubling down on its crypto bet with plans to invest $50 million in large-scale mining and a diversified digital asset portfolio.

The social media marketing company, which redesigned itself as a crypto-focused player, said in a Wednesday announcement that it will channel fresh capital into building mining infrastructure and expanding its Digital Asset Treasury.

The company described the strategy as a “transformative step” that has the potential to generate new revenue streams while positioning itself as a leader in both mining and treasury management.

“Our focus is on building durable, revenue-generating assets while positioning the Company as a leader in digital asset mining and treasury management,” Thumzup CEO Robert Steele said in an accompanying statement.

According to Thumzup, the funds come from a public offering of $10 per share completed this week, with proceeds earmarked for acquiring state-of-the-art mining rigs and making targeted blockchain investments. 

The company is already in talks with technology partners to accelerate the buildout, aiming for rigs that deliver high output while keeping energy use in check.

With its latest cash injection, Thumzup plans to bring mining and treasury operations under one roof, and hopes to cut its dependence on open-market buys and turn mined coins into collateral for new financing.

The company has also deepened its relationship with Coinbase, leveraging a Bitcoin-backed credit facility secured earlier this year to preserve liquidity without diluting shareholder equity.

If successful, the hybrid strategy could give Thumzup a self-sustaining mechanism for crypto accumulation, though the company will need to navigate the mining sector’s high energy costs, hardware turnover, and shifting regulatory environment.

Thumzup shares climbed 7.6% in after-hours trading following the announcement, recovering some ground after a sharp drop earlier this week linked to changes in a preferred stock offering.

Thumzup’s pivot to crypto

Thumzup’s pivot to crypto began in late 2024, when its board approved the purchase of up to $1 million in Bitcoin. 

By January 2025, it had increased holdings to just over 19 BTC and authorized up to 90% of surplus cash for Bitcoin acquisitions, thereby placing it among a growing list of public companies using crypto as a balance-sheet asset to bolster perceived value and attract investor attention.

By mid-2025, Thumzup went all in after its board approved a broader treasury mandate, allowing up to $250 million in holdings across Bitcoin, Ether, Solana, XRP, Dogecoin, Litecoin, and USD Coin.

Executives framed the move as a way to diversify exposure and stay aligned with evolving U.S. regulatory frameworks that favor more transparent crypto policies.

One of the more high-profile developments came on July 10, when filings revealed Donald Trump Jr. had bought 350,000 Thumzup shares, valued at over $4 million at the time.

While he has no operational role at the firm, Trump Jr. serves as adviser to the parent company of Dominari Securities, which arranged an earlier $6 million Thumzup private placement.

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