Trump Jr.-connected Thumzup Media buys 7.5 million Dogecoin as it expands crypto treasury

Thumzup Media Corporation (ticker TZUP) announced Thursday its inaugural open-market acquisition of Dogecoin, buying approximately 7.5 million tokens valued at approximately $2 million, at a weighted average price of $0.2665.

Earlier this month, Thumzup Media said it plans to set up 3,500 Dogecoin mining rigs by year's end through its pending acquisition of mining firm Dogehash. The company is also strengthening its leadership team, highlighted by this week's appointments of DogeOS CEO and MyDoge Leader Jordan Jefferson and Alex Hoffman, head of ecosystem at DogeOS, to its Crypto Advisory Board.

This expansion follows the company’s offering of $50 million of common stock in August, priced at $10 per share.

Thumzup Media launched its crypto treasury in January with a $1 million investment in bitcoin. The Nasdaq-listed firm said in July its board authorized the company to hold up to $250 million worth of cryptocurrencies.

It was also that month that the company revealed that Donald Trump Jr., son of President Donald Trump, holds 350,000 shares of the company. He acquired the stake on the advice of an investment advisor and has no other involvement with the company, according to Bloomberg.

Thumzup's stock closed Wednesday's session down 7.7% at 4.61 per share. The stock ticked up about 4.5% after hours on the DOGE filing.

The price of Dogecoin is up 2.4% to $0.28, according to The Block's price data.