CMC News

#Thumzup Approves $10M Buyback as $DOGE Mining Deal Nears

The #Bitcoin and #Dogecoin treasury firm's board has authorized a $10 million share repurchase program through December 2026. TZUP shares climbed 6% following the announcement, though the stock remains down 20% over the past month after peaking at $16.49 in early August.

CEO Robert Steele expressed confidence in the company's long-term strategy combining digital asset accumulation with infrastructure investment. The firm recently completed an initial $1 million buyback program, repurchasing 212,432 shares at a weighted average price of $4.71 per share this month.

Thumzup currently holds approximately 19.1 $BTC worth $2.17 million and 7.5 million $DOGE valued at $1.83 million. The board has also authorized treasury purchases of Ethereum, XRP, Solana, Litecoin, and USDC stablecoin to diversify its crypto holdings portfolio.

The social media marketing technology company signed a definitive agreement to acquire DogeHash Technologies, a Dogecoin mining operation. The target company operates 2,500 active rigs with an additional 1,000 units scheduled for delivery, pending shareholder approval and closing conditions.

Donald Trump Jr. holds a major stake in Thumzup, disclosing a 350,000-share position during the summer. The company launched its crypto treasury in January with a $1 million Bitcoin investment and received board authorization in July to hold up to $250 million in cryptocurrencies.

Other crypto treasury companies have recently implemented similar #buyback schemes to boost shareholder value. These include Ethereum-focused firms SharpLink Gaming and ETHZilla, along with Solana treasury company DeFi Development Corporation, which announced a $100 million repurchase program on Wednesday.

The acquisition would significantly expand Thumzup's #cryptocurrency mining capabilities in the competitive digital asset space.