Trump Jr.-backed Thumzup Media gets board approval for $250 million treasury in BTC, XRP, DOGE and more
Powered by ChatGPTThumzup Media Corporation, an AdTech firm with Donald Trump Jr. as an investor, announced that its board approved the company to hold up to $250 million in crypto assets, including Bitcoin other major cryptocurrencies.
In a statement released Thursday, Thumzup said the board has authorized it to hold cryptocurrencies, including Bitcoin, Ether, Solana, $XRP, Dogecoin, Litecoin and the $USDC stablecoin.
Its CEO Robert Steele cited positive policy shifts as a key factor that led the company to pursue a crypto accumulation strategy.
"By diversifying our portfolio of cryptocurrencies to gain wider exposure to the market as a whole, we believe Thumzup is optimally positioned to create significant value for TZUP shareholders," said Steele in the statement. "As the U.S. federal government moves toward more crypto-friendly policies and greater regulatory clarity, Thumzup is committed to remaining at the forefront of this transformative technology."
Founded in 2020, the Los Angeles-headquartered firm operates a platform that lets users earn cash by promoting branded content on social media. In addition to its advertising platform, the company announced last week plans to expand its treasury beyond Bitcoin to include major altcoins.
Last week, Thumzup disclosed that Donald Trump Jr., the eldest son of the U.S. President, owns 350,000 shares in the company worth approximately $4 million, according to Bloomberg. The news came on the heels of a $6 million private placement of Thumzup's convertible preferred stock, arranged last week by Dominari Securities. Both Trump Jr. and his brother Eric serve as advisors to Dominari's parent firm.
The Nasdaq-listed company booked a net loss of $2.2 million in the first quarter of this year, compared to a net loss of $330,712 in the same period last year, according to its latest quarterly filing.
Thumzup's stock closed down 2.93% at $12.59 on Thursday, Yahoo Finance data showed. The stock, however, is up 16.9% in the past five days and 267% year-to-date.
[Bloomberg]