AdTech company Thumzup Media Corporation is seeking to bolster the size of its bitcoin treasury by a factor of over 100, a new SEC filing shows.
Thumzup, which currently holds about $1.8 million worth of bitcoin, is offering $200 million in stock, warrants, and other units to investors to boost the size of its bitcoin treasury, mirroring similar Strategy-inspired plays that have been gaining popularity in recent weeks. The proceeds of the sales may also be used for general corporate purposes.
The company, which connects social media influencers with advertisers, began acquiring bitcoin at the start of the year, according to the filing. It currently holds 19.106 BTC. “As an operating business, we have primarily utilized proceeds from the financing in conjunction with our listing on Nasdaq in October 2024 to purchase bitcoin,” the filing states. Thumzup’s bitcoin is custodied by Coinbase.
The company recently announced 900 advertisers had joined its platform, in a press release that did not mention the company’s treasury strategy.
The firm, which trades as TZUP on Nasdaq with a current market capitalization around $48.5 million, is up nearly 50% year-to-date, the period during which it has been acquiring bitcoin. “The next Strategy?” Strategy head Michael Saylor wrote on X, in response to the news.
While TZUP chases bitcoin, DeFi Development Corporation, formerly known as Janover, has been stocking up on Solana, while Japanese firm Metaplanet looks to establish a U.S. subsidiary to fund further bitcoin purchases.
TZUP is up about 0.6% in after-hours trading, according to Yahoo! Finance data.
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