Bitcoin News Today: Thumzup Media to Diversify Crypto Holdings by 240%

Thumzup Media Corporation, an AdTech company with Donald Trump Jr. as a notable investor, has received board approval to hold up to $250 million in cryptocurrencies, including Bitcoin and other major digital assets. The company announced the decision in a statement, revealing plans to expand its crypto portfolio beyond Bitcoin to include Ether, Solana, XRP, Dogecoin, Litecoin, and the USDC stablecoin.

CEO Robert Steele attributed the move to favorable policy developments, noting that the US federal government’s shift toward clearer, more crypto-friendly regulations has encouraged Thumzup to adopt a diversified crypto 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,” Steele said. He emphasized the company’s commitment to staying ahead in what he called a “transformative technology.”

Founded in 2020 and based in Los Angeles, Thumzup operates a platform that rewards users with cash for promoting branded content on social media. The firm recently unveiled plans to broaden its treasury holdings, reflecting confidence in the growing role of cryptocurrencies in corporate finance. Donald Trump Jr., who owns about 350,000 shares valued at roughly $4 million, has been closely linked to the company. The disclosure followed a $6 million private placement arranged by Dominari Securities, whose parent company counts Trump Jr. and his brother Eric among its advisors.

Trump Jr. reportedly made the investment on his adviser’s recommendation and holds no further involvement with the company. Thumzup offers an app that pays users for product recommendations on Instagram. It recorded a $2.2 million loss on just $151 in revenue in Q1. In January, Thumzup made a notable pivot by announcing it would hold most of its liquid assets in Bitcoin. Since then, it has accumulated over $2 million worth of BTC. Now, the company plans to diversify further by adding six more coins, using funds raised in its latest round.