LOS ANGELES – Thumzup Media Corporation (NASDAQ:TZUP), a company specializing in social media branding and programmatic marketing, has acquired 9.783 (BTC) for an approximate total of $1 million. The purchase price per Bitcoin averaged $102,220.
The company has also disclosed its intent to potentially convert up to 90% of its liquid assets into Bitcoin, pending approval from its Board of Directors. This move is part of Thumzup’s Treasury Asset Strategy, initially announced on November 15, 2024.
Coinbase’s (NASDAQ:) Prime platform, operated by the $66.91 billion market cap cryptocurrency exchange, is currently responsible for the custodial services of Thumzup’s Bitcoin holdings. According to InvestingPro data, Coinbase has demonstrated robust performance with a 90.33% revenue growth over the last twelve months. Additionally, Thumzup is preparing to remunerate gig-economy workers using Bitcoin in the upcoming weeks, ensuring compliance with applicable laws and regulations.
Thumzup’s engagement with cryptocurrency aligns with its innovative approach to the social media marketing industry. Its platform connects advertisers with social media users, who can earn cash for promoting products on major outlets. Payments to these users are made through digital platforms like PayPal (NASDAQ:).
This strategic pivot towards cryptocurrency by Thumzup indicates a significant commitment to integrating digital assets into its financial operations. The information regarding Thumzup’s Bitcoin purchase and its potential future acquisitions is based on a press release statement from the company. For deeper insights into Coinbase’s financial health and market position, including 12 additional ProTips and comprehensive valuation metrics, visit InvestingPro.
In other recent news, Coinbase, a leading cryptocurrency exchange platform, is under scrutiny with its upcoming earnings release anticipated to shed light on the company’s financial health and strategic direction. The company’s ability to adapt to regulatory changes and competitive pressures is of interest to investors and analysts. The platform’s stock rating remains Market Perform, according to Raymond (NS:) James, while Mizuho (NYSE:) Securities maintains its Underperform rating, despite an increased price target. US Tiger Securities has downgraded the stock from Buy to Hold, citing a shift in the risk-reward profile following Bitcoin’s recent surge.
Coinbase’s performance is also linked to changes in the broader crypto market. Notably, companies with significant cryptocurrency exposure, including Microstrategy (NASDAQ:), experienced a downturn in response to the Federal Reserve’s interest rate caution and Bitcoin’s pullback from record highs. This shift led to a record outflow of $680 million from US exchange-traded funds investing directly in Bitcoin.
In addition, Coinbase, along with AppLovin (NASDAQ:) and The Trade Desk (NASDAQ:), experienced a dip in shares after their omission from the latest S&P 500 Index rebalance. These recent developments highlight the dynamic nature of the cryptocurrency market and the importance of strategic adaptability for companies like Coinbase.
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