Thumzup Eyes ETH, DOGE, SOL Treasuries After $50M Public Offering Close—Bullish Move or Crypto Gambit?

Thumzup just loaded its war chest—and it's aiming for crypto's biggest players.

The ad-tech upstart finalized a $50 million public offering this week, with CEO Robert Steele confirming plans to allocate portions of the raise into Ethereum, Dogecoin, and Solana treasury reserves. No percentages disclosed—just a nod to 'strategic diversification' that'll either look genius or reckless in 12 months.

Why these coins? ETH for infrastructure, DOGE for 'community engagement' (read: meme hype), and SOL for speed plays. Because nothing says 'serious financial strategy' like betting on a blockchain that went dark for 18 hours last quarter.

Wall Street's take? 'Innovative treasury management' if it works, 'a distraction from core business metrics' if it doesn't. Either way, Thumzup's playing the crypto volatility game—with shareholder money.

Thumzup’s crypto pivot

Thumzup’s $50 million aggressive shift into digital assets comes as the U.S. solidifies its position as the global hub for cryptocurrency innovation, with regulatory clarity and institutional adoption reaching new highs, the company said.

According to the company, its pivot is designed to create a scalable, energy-efficient mining operation while diversifying its Digital Asset Treasury, or DAT.

“This is a transformative step in Thumzup’s evolution,” CEO Robert Steele, said. “With a strengthened capital base and a clear strategic vision, we are expanding our reach into high-growth areas of the digital economy. Our focus is on building durable, revenue-generating assets while positioning the Company as a leader in digital asset mining and treasury management.”

In parallel, the company expanded its relationship with Coinbase to fuel this ambition. The MOVE builds upon a May 2025 initiative, where Thumzup laid critical groundwork by establishing a Bitcoin-backed credit facility through Coinbase Prime.

This provided the company with non-dilutive capital while allowing it to maintain exposure to BTC’s potential appreciation. The facility represents more than just financing: it is a hedge against volatility and a tool for liquidity management.

Mining operations

The mining expansion adds another dimension to the strategy. By investing in state-of-the-art rigs, Thumzup aims to create a self-reinforcing system where mining operations generate crypto assets that can be held in treasury or used as collateral. It is a vertical integration play that could, in theory, reduce the company’s reliance on open-market purchases while creating operational synergies with its existing business lines.

Yet challenges loom. Crypto mining has become an increasingly specialized industry where economies of scale dominate. Thumzup will need to navigate energy costs, hardware obsolescence, and regulatory scrutiny, all while convincing shareholders that this capital-intensive diversion from its Core ad-tech business is justified.