The post Thumzup Media to Raise Up to $200M to Purchase More Bitcoins appeared first on Coinpedia Fintech News
- Thumzup Media Corporate adopted Bitcoin as a treasury reserve asset akin to Strategy.
- The company intends to sell common stock, preferred stock, and warrant units to strengthen its BTC holdings.
Thumzup Media Corporation (NASDAQ: TZUP), a Los Angeles-based Software-as-a-Service (SaaS) company focused on social media marketing and advertising, filed Form S-3 with the United States Securities and Exchange Commission (SEC) to offer up to $200 million. The company announced that it may partake in one or more offerings to sell common stock, preferred stock, warrants units, or a combination of the securities
“Unless otherwise indicated in a prospectus supplement, we intend to use the net proceeds from the sale of securities under this prospectus for general corporate purposes, including for the purchase of Bitcoin as our primary reserve asset,” the company noted.
Thumzup adopted Bitcoin as a treasury reserve and has since accumulated around 29 BTCs. In the long haul, Thumzup intends to hold up to 90 percent of its surplus in Bitcoin. Moreover, the company is determined to rank among the top 70 publicly traded companies holding Bitcoin.
Impact on Bitcoin Price Action
According to data from BitcoinTreasuries, around 190 entities, led by public companies, hold more than 3.26 million BTCs. The entrance of nation-states in the Bitcoin market has accelerated its adoption by institutional investors seeking to hedge against macroeconomic uncertainty and high inflation.
Bitcoin price is expected to follow the global money supply (M2) and gold in rallying parabolically, catalyzed by heavy demand. From a technical analysis, BTC price is well positioned to reach a new all-time high before the end of the second quarter of 2025.
