Thumzup Media Corporation has revealed its latest filing of a Form S-3 registration statement with the U.S. Securities and Exchange Commission (SEC), which shows its intent to offer up to $200 million in securities.
The offering may include common stock, warrants, units, or rights, with the raised funds earmarked for general corporate purposes. Notably, the company plans to allocate a portion of the proceeds toward purchasing Bitcoin as a primary treasury reserve asset and for working capital.
“Thumzup also invests in bitcoin and have adopted bitcoin as our primary treasury reserve asset. 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,” stated in the filing.
Thumzup Media Bets Big On Bitcoin
Last year, Thumzup announced that it would soon start paying its gig workers in Bitcoin through its new Account Specialist Program (ASP). It shows the company’s effort to adopt modern payment options and its understanding of the increasing interest in cryptocurrency payments among gig workers.
“We’re thrilled to empower the gig economy with the option of Bitcoin payments, especially in tech-forward areas like Los Angeles and South Florida,” Robert Steele, Thumzup CEO, stated in the official announcement. “This initiative offers them faster transactions, lower fees, and more financial privacy. Plus, with Bitcoin’s growing acceptance, they can easily use their earnings for daily expenses or as a potential investment.”
In November 2024, the company decided to start acquiring Bitcoin as its main reserve asset, depending on market conditions and its cash needs. The company plans to buy and hold Bitcoin over the long term using money raised through selling stocks, bonds, or other fundraising methods.
There is no fixed target for how much Bitcoin it plans to buy and hold over the long term. As of March 31, the company owned 19.106 Bitcoins, bought for a total of around $2 million, with an average price of about $104,744 per Bitcoin.
However, Thumzup may also sell some of its Bitcoin to cover business expenses or to gain tax benefits.
Also Read: Bitcoin Eyes $98K Breakout Amid Rising Market Liquidity
