In a significant strategic development, Thumzup Media Corp, a publicly traded company, has announced its latest financial maneuver: the acquisition of $1 million worth of Bitcoin. This move marks a pivotal moment for the company as it ventures further into the realm of digital currency.
Details of the Bitcoin Acquisition
On January 6, 2025, Thumzup Media Corporation made a notable purchase of 9.783 Bitcoins, amounting to a total expenditure of $1,000,020. This acquisition was made at an average price of $102,220 per Bitcoin, a figure that includes all associated fees and expenses.
SEC Filing and Financial Strategy
Thumzup Media Corp has taken a transparent approach by filing an 8-K with the Securities and Exchange Commission (SEC), documenting this significant purchase of 9.783 Bitcoins for $1,000,020. The management is actively seeking the Board’s authorization to potentially hold up to 90% of the company’s liquid assets in Bitcoin, a move that underscores their confidence in the cryptocurrency market.
Thumzup’s Market Influence and Future Plans
Thumzup aspires to be included in the HODL 70, a growing market index that is gaining prominence. This ambition reflects the company’s strategic vision to align itself with significant industry movements, highlighting its forward-thinking approach in digital asset management.
Custodial and Payment Innovations
In terms of asset management, Coinbase Prime has been selected as the custodian, providing self-custodial wallet services for Thumzup’s Bitcoin holdings. This partnership ensures that the company’s digital assets are managed with top-tier security and efficiency.
Moreover, Thumzup is exploring the innovative approach of compensating gig-economy workers with Bitcoin, adhering to all relevant laws and regulations. This initiative not only positions the company at the forefront of digital payment solutions but also exemplifies its commitment to embracing technological advancements.
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