Publicly traded company Thumzup Media Corporation ($TZUP) has made a great move into the cryptocurrency space, purchasing 9.783 Bitcoin for $1,000,020. The company revealed its strategic shift towards Bitcoin through an 8-K filing with the U.S. Securities and Exchange Commission (SEC), making a pivotal moment for the advertising-focused firm.
According to the filing, Thumzup acquired Bitcoin at an average price of $102,220 per BTC, including fees and expenses. The company’s management has taken this move a step further by requesting Board authorization to hold up to 90% of its liquid assets in Bitcoin. This shows a long-term commitment to the world’s leading cryptocurrency.
$TZUP just filed an 8-K with the SEC that it purchased 9.783 $BTC for $1,000,020. Management is requesting Board authorization to hold up to 90% of our liquid assets in BTC. Thumzup expects to be added to the HODL 70 – an increasingly significant market index. pic.twitter.com/fu0LdjfZ21
— Thumzup Media Corporation (@thumz_up) January 7, 2025
Thumzup Media Corporation Eyes HODL70
Thumzup Media Corp has partnered with Coinbase Prime, a leading institutional-grade custody service to secure its Bitcoin holdings. Coinbase Prime will act as the custodian and provide self-custodial wallet services to the company to ensure the safety of its digital assets.
Thumzup’s Bitcoin purchase also paves the way for its inclusion in the HODL 70, an increasingly prominent market index that tracks companies with Bitcoin holdings. This index has gained attention as more corporations and financial institutions embrace Bitcoin as a treasury asset.
In a forward-thinking move, the company plans to begin paying its gig-economy workforce in BTC. The company believes this strategy could attract a new demographic of tech-savvy gig workers and further integrate cryptocurrency into its operations.
Also Read: KULR Buys $21M Bitcoin Following MicroStrategy’s BTC Strategy
Source: https://www.cryptonewsz.com/thumzup-media-corporation-acquires-1m-bitcoin/