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LOS ANGELES - Thumzup Media Corporation (NASDAQ:TZUP), whose stock has surged over 250% in the past six months, announced Thursday that its Board of Directors has authorized the company to hold up to $250 million in various cryptocurrencies, expanding beyond its existing Bitcoin holdings.
The approved cryptocurrency portfolio will include Bitcoin (BTC), Ether (ETH), Solana (SOL), Ripple (XRP), Dogecoin (DOGE), Litecoin (LTC), and the stablecoin USDC, according to a company press release.
"As the U.S. federal government moves toward more crypto-friendly policies and greater regulatory clarity, Thumzup is committed to remaining at the forefront of this transformative technology," said Robert Steele, CEO of Thumzup.
The company, which describes itself as operating at the intersection of crypto asset strategy and AdTech, runs a platform that allows users to earn cash for sharing branded content on social media.
Thumzup is also developing what it calls a "patent-pending Lifestyle AI Agent Marketplace" aimed at lifestyle planning through AI-powered experiences.
The announcement comes amid increasing institutional interest in cryptocurrency investments, though the sector continues to face regulatory scrutiny in various jurisdictions.
The company did not specify the current value of its cryptocurrency holdings or provide a timeline for implementing the expanded investment strategy.
Thumzup’s stock trades on the Nasdaq under the ticker TZUP.
In other recent news, Thumzup Media Corporation has announced significant developments that investors may find noteworthy. The company recently closed a $6.5 million registered direct offering of preferred stock, raising approximately $6.04 million in net proceeds. Thumzup intends to use these funds for general corporate purposes and to explore accumulating additional cryptocurrencies. In line with this strategy, the company’s board has authorized management to expand its cryptocurrency holdings beyond Bitcoin to include Dogecoin, Litecoin, Solana, Ripple, Ether, and USD Coin.
Additionally, Thumzup has achieved a milestone by surpassing 1000 advertiser locations on its AdTech platform, reflecting a Compound Annual Growth Rate (CAGR) of 218%. The platform integrates with major social media channels, offering brands enhanced engagement opportunities. Furthermore, Thumzup is set to join the Russell Microcap® Index, a move expected to facilitate index-fund driven accumulation of its shares.
Analyst firm FTSE Russell oversees this inclusion, aligning with the company’s growth strategy. These developments highlight Thumzup’s ongoing efforts to innovate and expand its market presence. Dominari Securities LLC served as the sole placement agent for the recent stock offering.
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