Thumzup approves $10 million share repurchase plan ahead of Dogecoin mining acquisition
Quick Take Thumzup had repurchased about 212,000 shares of its common stock for approximately $1 million, as of Sept. 19. The digital ad firm currently holds about 19 BTC and~ 7.5 million DOGE, according to Wednesday’s release.
Digital ad company Thumzup Media (ticker TZUP) announced Wednesday its board of directors has approved a $10 million share repurchase program through Dec. 31, 2026, which comes in addition to its previously announced $1 million share buyback program.
As of Sept. 19, Thumzup had repurchased 212,432 shares of its common stock for approximately $1 million at a weighted average price of $4.71 per share, the company said in a release.
"Our decision to implement a $10 million share repurchase program reflects confidence in Thumzup's long-term strategy and our commitment to delivering value to shareholders," stated CEO Robert Steele. "We believe our balanced approach, combining strategic accumulation of digital assets with investment in its underlying infrastructure, positions us well for sustained growth."
TZUP shares traded higher by 5.7% to $4.81 at publication time. The company has a market capitalization of around $78 million.
Thumzup holds 19.106 Bitcoins and approximately 7.5 million Dogecoins, according to Wednesday's release. It is currently awaiting shareholder approval to acquire DogeHash Technologies , a dogecoin mining operation with 2,500 rigs in place and another 1,000 scheduled for delivery later this year.
Thumzup Media launched its crypto treasury in January with a $1 million investment in bitcoin. Its board authorized the company in July to hold up to $250 million worth of cryptocurrencies. Donald Trump Jr. , son of President Donald Trump, is a major shareholder of the company, disclosing a 350,000-share stake in the summer.
The company has stated it will explore building up its treasury with "leading cryptocurrencies" such as Bitcoin, Dogecoin, Litecoin, Solana, Ripple, Ether, and USD Coin.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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