Thumzup’s $10M Share Buyback Plan Aligns with Dogecoin Mining Acquisition
TLDR
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Thumzup Media has approved a $10 million share repurchase program through December 31, 2026.
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The company has already repurchased 212,432 shares for approximately $1 million at an average price of $4.71 per share.
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CEO Robert Steele emphasized that the repurchase program reflects confidence in Thumzup’s long-term strategy and shareholder value.
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Thumzup holds 19.106 Bitcoins and around 7.5 million Dogecoins as part of its expanding crypto treasury.
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The company is awaiting shareholder approval to acquire DogeHash Technologies, a Dogecoin mining operation with 2,500 rigs.
Thumzup Media (ticker TZUP) announced on Wednesday that its board of directors has approved a $10 million share repurchase program. This is in addition to its previously approved $1 million share buyback program. The new repurchase plan will run until December 31, 2026.
Share Repurchase Program Signals Confidence in Long-Term Strategy
The decision to implement the $10 million share repurchase program reflects Thumzup’s confidence in its future growth prospects. CEO Robert Steele stated,
He added that the company’s balanced approach, which includes investing in digital assets and infrastructure, positions Thumzup for sustained growth.
As of September 19, Thumzup had already repurchased 212,432 shares for approximately $1 million. The shares were repurchased at an average price of $4.71 each. The company’s stock price rose by 5.7% to $4.81 per share following the announcement.
Thumzup’s Crypto Treasury and Dogecoin Mining Acquisition
Thumzup Media is also focusing on expanding its crypto treasury, which includes significant holdings in Bitcoin and Dogecoin. The company holds 19.106 Bitcoins and approximately 7.5 million Dogecoins as of the latest release. Thumzup plans to build its treasury further with investments in other cryptocurrencies such as Litecoin, Ripple, and Solana.
In addition to its growing crypto portfolio, Thumzup is awaiting shareholder approval for the acquisition of DogeHash Technologies, a Dogecoin mining operation. DogeHash has 2,500 mining rigs in place and plans to add another 1,000 rigs by the end of the year. This acquisition is part of Thumzup’s broader strategy to leverage Dogecoin mining as a growth avenue.
The post Thumzup’s $10M Share Buyback Plan Aligns with Dogecoin Mining Acquisition appeared first on Blockonomi.
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