In brief
- Thumzup Media Corporation revealed plans to buy back up to $10 million worth of stock.
- TZUP shares were up about 6% on the day following the news, but are down sharply since early August.
- The firm holds about $4 million in crypto and has agreed to purchase a Dogecoin mining firm.
Another crypto treasury company is betting on stock buybacks to appease investors, with Thumzup Media Corporation—which is currently stockpiling Bitcoin (BTC) and Dogecoin (DOGE)—the latest to see its share price climb after revealing such plans.
Thumzup, which trades as TZUP on the Nasdaq, announced its board has approved a $10 million share repurchase program running through the end of 2026. This follows the recent completion of an initial $1 million buyback program this month, as the company repurchased 212,432 shares at a weighted average price of $4.71 per share.
TZUP was recently trading for $4.82 per share, up about 6% on the day. It rose as high as $5.30 earlier in the session. Thumzup stock is down about 20% over the last month, continuing a decline after peaking at $16.49 in early August.
“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,” said Thumzup CEO Robert Steele, in a statement. “We believe our balanced approach, combining strategic accumulation of digital assets with investment in its underlying infrastructure, positions us well for sustained growth.”
Thumzup said Wednesday that it holds approximately 19.1 BTC ($2.17 million) and 7.5 million DOGE ($1.83 million). The firm’s board has also authorized purchases of Ethereum, XRP, Solana, Litecoin, and USDC stablecoin for its treasury.
The social media marketing tech company has also signed a definitive agreement to acquire DogeHash Technologies, a Dogecoin mining operation with 2,500 active rigs and 1,000 additional rigs scheduled for delivery. This acquisition, subject to shareholder approval and closing conditions, would expand Thumzup’s cryptocurrency mining capabilities.
Other crypto treasury companies recently instituting stock buyback schemes include Ethereum-focused firms SharpLink Gaming and ETHZilla, along with Solana treasury company DeFi Development Corporation—the last of which revealed plans on Wednesday to repurchase up to $100 million worth of shares.
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