Trump-backed Thumzup Media, which completed a $50 million stock offering in pursuit of the Dogecoin mining ambition, has announced plans to establish an XRP treasury.
The company unveiled the plan in a letter to its shareholders on Thursday. In the letter, Thumzup revealed that it recently completed a $50 million common stock offering at $10 per share.
Dogecoin Mining Ambitions
The company emphasized that the new capital will fuel its aggressive expansion into Dogecoin mining, particularly through the pending acquisition of Dogehash Technologies. Thumzup had announced plans last month to acquire Dogehash in what many described as an all-stock deal.
Part of the deal requires Thumzup to offer 30.7 million of its shares to Dogehash shareholders. Once completed, the Dogecoin mining company will be renamed Dogehash Technologies Holdings. Afterward, the company will be listed on Nasdaq under the XDOG ticker symbol.
Part of the $50 million funding will support Thumzup’s pending acquisition of Dogehash and the acquisition of 1,000 state-of-the-art mining equipment.
XRP Corporate Treasury
Beyond Dogecoin mining, Thumzup revealed plans to establish a diversified crypto treasury, featuring XRP. The letter noted that Thumzup’s board has approved the purchase and custody of selected cryptocurrencies, like XRP.
Other crypto assets that would feature in the treasury include Dogecoin, Solana, Ethereum, Litecoin, and stablecoin USDC. However, the company did not provide specific details about its upcoming treasury efforts, particularly the amount it intends to commit to XRP.
According to Thumzup, its corporate crypto treasury initiative is not a new development. In January, the company invested an initial $1 million in Bitcoin, followed by an additional $1 million purchase later that month.
The company now plans to expand its holdings with additional cryptocurrencies, including XRP, as part of a diversified treasury strategy. As a U.S.-based company, Thumzup claims that its mining and corporate treasury initiatives align with President Trump’s vision to solidify America’s leadership in the cryptocurrency sector.
Growing Corporate Interest in XRP
Meanwhile, XRP has attracted significant interest from corporate entities, with several firms unveiling treasury strategies for the token. In June, Webus International announced a $300 million XRP treasury deal.
That announcement came on the heels of another XRP treasury strategic plan from Nasdaq-listed VivoPower. As reported by The Crypto Basic, VivoPower suggested that it will establish its XRP reserve using part of the $121 million raised from notable investors, including Saudi Arabian Prince Abdulaziz bin Turki Abdulaziz Al Saud.
One of the biggest XRP reserve initiatives came from Singapore-based Trident Digital. The company intends to establish a $500 million XRP corporate treasury. Although Thumzup has not disclosed the size of its planned XRP investment, its decision to hold the token highlights the growing interest in XRP as a reserve asset.
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