Los Angeles-based social media marketing firm Thumzup Media Corporation (TZUP) has decided to expand its cryptocurrency holdings. The company's board of directors has approved the inclusion of leading altcoins such as Dogecoin (DOGE), Litecoin (LTC), Solana (SOL), Ripple (XRP), Ethereum (ETH), and USD Coin (USDC) in its reserves, expanding beyond Bitcoin.
Trump Jr. purchased 350,000 shares
This move comes just days after it was announced that Donald Trump Jr. invested approximately $4 million in Thumzup. According to Bloomberg, Trump Jr. purchased 350,000 Thumzup shares at the recommendation of an investment advisor. While Trump Jr. doesn't have a direct role in the company's management, the timing of the investment is noteworthy. This move by Thumzup has truly garnered attention in the crypto space, especially considering the Trump family's recent growing interest in cryptocurrencies.
The company had invested in Bitcoin
Thumzup had been pursuing its Bitcoin accumulation strategy since January. The company's current BTC holdings stand at 19.11 units, worth approximately $2.1 million. This strategy allows for up to 90% of the company's liquid assets to be held in cryptocurrencies. With the new decision, a significant portion of this reserve will now be spread across different cryptocurrencies.
CEO Robert Steele said, "We believe a diversified approach to digital assets can increase our financial flexibility as we scale our AdTech platform." The company's core service is centered around an app that allows users to earn cash by sharing specific ads on social media platforms like Instagram. Advertisers can customize their campaigns from their own dashboards, and users receive payments through digital platforms like PayPal.
However, Thumzup's financials remain quite weak regardless of its crypto investments. The company generated only $151 in revenue in the first quarter of 2025 and reported a net loss of $2.2 million in the same period. Meanwhile, investors were wary of this aggressive crypto move. The company's shares fell more than 14% on Wednesday following these statements.
Thumzup's strategy also reflects the Trump family's general support for crypto initiatives. In March, Eric Trump joined the advisory board of Japan-based Metaplanet, which has converted a significant portion of its reserves into Bitcoin. Trump Media & Technology Group also announced plans to invest in Bitcoin, raising $2.3 billion through Truth Social.
