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LOS ANGELES - Thumzup Media Corporation (NASDAQ:TZUP), currently trading at $2.65 per share with a market capitalization of $48.7 million, has completed a $50 million common stock offering at $10 per share to fund its expansion into cryptocurrency mining, the company announced Thursday.
The capital raise will support Thumzup’s pending acquisition of DogeHash Technologies, a Dogecoin mining company currently operating 2,500 mining rigs with an additional 1,000 units on order for delivery later this year. According to InvestingPro data, the company’s financial health score stands at 1.59, indicating potential risks in this expansion strategy.
According to the company, the acquisition, which requires shareholder approval, aims to establish Thumzup as a significant player in the Dogecoin mining sector. The company plans to use proceeds from the offering to expand its mining capacity beyond the initial 3,500 rigs.
Thumzup CEO Robert Steele said the transaction positions the company for "significant shareholder value creation" with potential for substantial revenue growth.
The company provided illustrative revenue projections based on Bitmain mining calculator estimates, suggesting that 3,500 miners could potentially generate annual revenues ranging from $22.7 million at current Dogecoin prices to over $100 million if the cryptocurrency reaches $1.00. Investors should note that InvestingPro analysis reveals the stock’s beta of 3.21, indicating significantly higher volatility than the broader market. Get access to 10+ additional ProTips and comprehensive financial metrics with InvestingPro to better evaluate this investment opportunity.
Thumzup also reported it has expanded its partnership with Coinbase Prime, establishing a Bitcoin-backed credit facility and gaining access to institutional trading services. The company has created a crypto advisory board, appointing Alex Hoffman, head of ecosystem at DogeOS, as its first member.
The company’s original social media marketing platform continues to operate, having surpassed 34,000 approved social media posts and reached more than 1,000 advertiser locations.
The announcement comes amid growing interest in cryptocurrency mining, with the market projected to reach $22.6 billion by 2035, according to Business Research Insights data cited in the press release. The company’s recent performance shows a 34.52% price return over the past six months, despite posting negative EBITDA of -$8.89 million in the last twelve months.
In other recent news, BIT Mining Limited announced its plans to rebrand as SOLAI, marking a strategic shift from cryptocurrency mining to broader blockchain infrastructure development. The company’s board has resolved to change its name to "SOLAI Limited," pending shareholder approval. Additionally, BIT Mining has completed the second phase of its acquisition of cryptocurrency mining data centers and Bitcoin mining machines in Ethiopia, issuing 45,278,600 Class A ordinary shares for the acquisition. This move increases the total power capacity of the data centers to 51 megawatts. Furthermore, BIT Mining is expanding into the Solana ecosystem, with plans to build a treasury of up to $300 million in SOL tokens. The company aims to raise between $200 million and $300 million in phases to support this strategic realignment. This expansion reflects a significant pivot in BIT Mining’s business strategy. Shareholders will vote on the rebranding at an extraordinary general meeting on October 9, 2025.
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