Los Angeles-based advertising technology company Thumzup Media has announced its board’s approval to hold up to $250 million in cryptocurrency. The company plans to gradually and transparently add Bitcoin (BTC) 
$77,420, Ethereum (ETH) 
$2,287, Solana 
$84 (SOL), XRP, Dogecoin 
$0.10886 (DOGE), Litecoin (LTC), and USD Coin (USDC) to its treasury. The decision is influenced by crypto-friendly policies in Washington, as mentioned by CEO Robert Steele. Among Thumzup’s investors is Donald Trump Jr., while the company is publicly traded on Nasdaq.
Thumzup’s Cryptocurrency Strategy
Thumzup’s board has decided to expand its balance sheet from traditional cash to cryptocurrency. The company plans to acquire selected cryptocurrencies through a phased approach until it reaches the $250 million limit. A broad basket of cryptocurrencies will be preferred to distribute risk. Starting with Bitcoin, the list incorporates seven popular altcoins. Additionally, USDC will provide cash-like flexibility to the portfolio.
Steele stated, “With increasing regulatory clarity, cryptocurrency adoption is accelerating. Our extensive basket offers our shareholders growth potential.” Founded in 2020, Thumzup operates a platform where users earn cash by sharing brand content on social media. The cryptocurrency plan aims to position the company at the center of the digital economy.
Donald Trump Jr.’s Investment in Thumzup
Documents released by Bloomberg last week revealed that Donald Trump Jr. holds approximately 350,000 shares of Thumzup, valued at around $4 million. The Trump siblings are also advisors to the parent company of Dominari Securities, which orchestrates a $6 million convertible preferred stock sale. The family name adds additional visibility to the young AdTech firm.
Despite these developments, Thumzup reported a net loss of $2.2 million in the first quarter of the year. Last year, the loss in the same period was $330,712. Although Thumzup’s shares, traded under the ticker TZUP, closed down 2.93% at $12.59 on Thursday, they have increased by 267% since the beginning of the year. Investors anticipate that the company’s cryptocurrency plan will add additional value to its shares.
