Thumzup Media Corporation Makes Strategic Move into Cryptocurrency Space
Thumzup Media Corporation ($TZUP), a publicly traded company, has made a significant foray into the cryptocurrency market with the purchase of 9.783 Bitcoin for $1,000,020. This strategic shift was revealed through an 8-K filing with the U.S. Securities and Exchange Commission (SEC), marking a pivotal moment for the advertising-focused firm.
Bitcoin Acquisition and Long-Term Commitment
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 demonstrated a long-term commitment to the world’s leading cryptocurrency by requesting Board authorization to hold up to 90% of its liquid assets in Bitcoin.
Partnership with Coinbase Prime for Secure Custody
Thumzup Media Corporation 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, ensuring the safety of its digital assets.
Eyes on the HODL 70 Index
Thumzup’s Bitcoin purchase paves the way for its inclusion in the HODL 70, a prominent market index that tracks companies with Bitcoin holdings. This index has gained attention as more corporations and financial institutions adopt Bitcoin as a treasury asset.
Embracing Cryptocurrency in Operations
In a forward-thinking move, Thumzup plans to begin paying its gig-economy workforce in BTC. This strategy aims to attract a new demographic of tech-savvy gig workers and further integrate cryptocurrency into the company’s operations.
Conclusion
Thumzup Media Corporation’s strategic move into the cryptocurrency space demonstrates its commitment to embracing the potential of Bitcoin. With a long-term focus on holding a significant portion of its liquid assets in Bitcoin, the company is poised to benefit from the growing adoption of cryptocurrency in the corporate world. As Thumzup eyes inclusion in the HODL 70 index and integrates cryptocurrency into its operations, it will be interesting to see how this move impacts the company’s future growth and success.
Source: Cryptonewsz.com
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