Thumzup Media Corporation, which originally focused on social media marketing, is expanding its involvement in cryptocurrency.
After raising $50 million through a $10-per-share offering, the company said it would increase its digital asset holdings and begin building a crypto mining operation.
The decision was shared in a statement released on August 13, where Thumzup explained that part of the new funding would go toward developing its mining capacity.
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The company also mentioned that the team is currently working with hardware providers to help speed up the process of setting up its mining infrastructure.
Thumzup entered the crypto industry in January, when it began purchasing Bitcoin. As of now, the company holds 19.1 BTC
Additionally, Donald Trump Jr., son of President Donald Trump, became one of the company’s shareholders. A regulatory filing from July revealed that he bought 350,000 shares, worth about $3.3 million at the time.
Thumzup is also looking to hold more than just Bitcoin. In July, the company expressed interest in various cryptocurrencies, including Ethereum
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