After raising $50 million through a $10-per-share offering, the company said it would increase its digital asset holdings and begin building a crypto mining operation.

The decision was shared in a statement released on August 13, where Thumzup explained that part of the new funding would go toward developing its mining capacity.

The company also mentioned that the team is currently working with hardware providers to help speed up the process of setting up its mining infrastructure.

Thumzup entered the crypto industry in January, when it began purchasing Bitcoin. As of now, the company holds 19.1 BTC
BTC


$121,316.22

.

Additionally, Donald Trump Jr., son of President Donald Trump, became one of the company’s shareholders. A regulatory filing from July revealed that he bought 350,000 shares, worth about $3.3 million at the time.

Thumzup is also looking to hold more than just Bitcoin. In July, the company expressed interest in various cryptocurrencies, including Ethereum
ETH


$4,730.83

, XRP
XRP


$3.24

, Solana
SOL


$205.51

, Dogecoin
DOGE


$0.2452

, Litecoin
LTC


$129.97

, and USDC
USDC


$0.9969

. Its board has since approved a plan allowing the company to keep up to $250 million worth of digital assets in total.

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The announcement came as the firm closed a $6 million funding round to support its new strategy.

The company confirmed that it has already purchased $1 million worth of Ethereum
ETH


$3,554.00

and plans to exchange all its current and future Bitcoin
BTC


$118,340.08

holdings for Ethereum. The goal is to build a large pool of on-chain assets and use it as the foundation for long-term growth.

CEO Siguang Peng explained the decision by pointing to Ethereum’s role in decentralized finance (DeFi), real-world asset tokenization, and smart contract applications. He said these use cases make Ethereum a better fit for the company’s future plans than Bitcoin.

By the end of 2025, BTC Digital aims to hold “tens of millions of dollars” in Ethereum. Those assets will be put to work through staking, lending in DeFi, real-world token projects, and stablecoin activities.

The company outlined several initiatives as part of this strategy. These include creating Ethereum-backed yield pools, building infrastructure for stablecoins, and expanding partnerships within the Ethereum network.

These partnerships will cover areas like decentralized finance platforms, non-fungible tokens (NFTs), and Layer-2 scaling projects.

Peng noted that focusing on Ethereum allows the company to build a base for steady returns, diverse income streams, and new blockchain-based products.

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