XRP News Today: Thumzup Explores Adding Six Cryptocurrencies to Treasury Shares Drop 23%

Thumzup, a publicly traded social media marketing technology company, is exploring the possibility of expanding its corporate treasury holdings beyond Bitcoin. The company has received approval from its board to evaluate the potential benefits of adding at least six additional cryptocurrencies to its treasury. These cryptocurrencies include Dogecoin, Litecoin, Solana, XRP, Ethereum, and the USDC stablecoin. The decision to explore these additions comes as the company seeks to maximize the value for its shareholders.

The tokens would be purchased using some of the proceeds from Thumzup’s recent $6.5 million raise. The company's CEO, Robert Steele, clarified that while the board has approved the exploration of these additions, no final decisions have been made. The company is currently assessing whether it is in the best interest of its shareholders to increase its Bitcoin holdings or to diversify into other cryptocurrencies like Dogecoin or XRP.

This announcement coincides with a significant investment by Donald Trump Jr., who purchased 350,000 shares in Thumzup. This investment is part of his broader strategy to invest in companies with crypto treasuries. The stake was valued at over $4 million as of the closing bell on Tuesday. Thumzup’s shares finished the trading day priced at $9.50, reflecting a 23% decrease on the day.

Thumzup began accumulating Bitcoin earlier this year and currently holds a little more than 19 BTC, valued at approximately $2.1 million. The company's platform enables brands to pay ordinary people to promote various goods and services on their personal social media accounts. Although Thumzup is not crypto-focused, it plans to allow the influencers it pairs with various brands to accept payments in digital assets.

This move by Thumzup is part of a broader trend among publicly traded companies embracing digital asset treasuries. The digital asset market has seen significant growth, with a total value of $3.4 trillion, up more than 35% from the beginning of this year. Bitcoin remains just below the new all-time high mark hit recently, while several blue-chip altcoins have shown resilience to macroeconomic and geopolitical shocks.

According to the CEO, the recent tariff announcements have further established the thesis that Bitcoin is becoming digital gold, as the S&P 500 went down while Bitcoin went up. This trend highlights the growing acceptance and integration of cryptocurrencies into the financial strategies of major corporations. Thumzup's exploration of additional cryptocurrencies reflects a strategic move to capitalize on the potential upside of the digital asset market while diversifying its treasury holdings.