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Thumzup Media buys 7.5 million Dogecoin when expanding its cryptocurrency treasury.
Thumzup Media Corporation (TZUP) has just completed the acquisition of Dogecoin (DOGE) in the open market, with approximately 7.5 million tokens valued at 2 million USD at an average price of 0.2665 USD. Earlier this month, the company revealed plans to deploy 3,500 DOGE mining machines by the end of the year through the acquisition of Dogehash, while also adding senior personnel such as Jordan Jefferson (CEO of DogeOS, leader of MyDoge) and Alex Hoffman (head of the DogeOS ecosystem) to the Cryptocurrency Advisory Board.
This expansion move comes after the issuance of 50 million USD in common stock in August and the launch of a cryptocurrency fund in January with an investment of 1 million USD in Bitcoin. The board of directors also allowed the company to hold a maximum of 250 million USD in cryptocurrency.
Thumzup stock closed Wednesday down 7.7% at 4.61 USD, but rose 4.5% after hours. The price of Dogecoin is currently up 2.4% to 0.28 USD.