Thumzup to add XRP, DOGE, and more to bitcoin-led corporate treasury; Trump Jr. takes stake
Quick Take Thumzup Media has expanded its bitcoin-focused treasury strategy to include XRP, SOL, DOGE, ETH, and other tokens. Thumzup also disclosed that Donald Trump Jr. owns 350,000 shares, worth about $4 million at current prices.
Thumzup Media Corporation has expanded its crypto treasury strategy beyond bitcoin, to include several major digital assets, including ether (ETH), solana (SOL), XRP, dogecoin (DOGE), litecoin (LTC), and the Circle-issued stablecoin USDC.
The company's board approved the move as an extension of its earlier strategy, which allows up to 90% of its liquid assets to be held in bitcoin. As of July 8, Thumzup held 19.106 BTC, valued at about $2.1 million.
"We believe that a diversified approach to digital assets could enhance our financial flexibility as we continue to scale our AdTech platform and grow our advertiser base," Thumzup CEO Robert Steele said in a statement.
Thumzup operates an app that pays users cash for posting about participating advertisers on social platforms like Instagram. Advertisers customize campaigns through a self-serve dashboard, while users receive payouts via PayPal and other digital payment systems.
Thumzup reported a net loss of $2.2 million on revenue of just $151 in the first quarter of this year. The company's shares fell more than 14% on Wednesday, as investors reacted to its expanded crypto exposure.
Trump Jr. takes stake in Thumzup
Thumzup today also revealed that Donald Trump Jr., the son of President Donald Trump, holds 350,000 shares of the company — valued at about $4 million at current prices. Trump Jr. acquired the stake on the advice of an investment adviser and has no other involvement with the company, Bloomberg reported , citing a person close to Trump Jr. who asked not to be identified discussing private holdings.
The disclosure of Trump Jr.'s stake in Thumzup follows a $6 million private placement of the company's convertible preferred stock arranged last week by Dominari Securities. Trump Jr. and his brother Eric serve as advisers to Dominari's parent company.
Trump Jr.'s stake in Thumzup marks the latest move by members of the Trump family into companies pursuing crypto treasury strategies. In March, Eric Trump joined the advisory board of Metaplanet, a Japanese firm that has shifted its corporate reserves heavily into bitcoin. Meanwhile, Trump Media & Technology Group, which owns Truth Social, has raised $2.3 billion with plans to invest in bitcoin.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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