AdTech firm Thumzup Media Corporation, backed by investor Donald Trump Jr., has declared that its board has given the go-ahead for the company to manage a treasury of up to $250 million in crypto assets, including well-known cryptocurrencies such as bitcoin.
The company revealed this information on Thursday, stating that Thumzup’s board has given it the authorization to hold a variety of cryptocurrencies, including bitcoin, ether, Solana, XRP, Dogecoin, Litecoin, and the USDC stablecoin.
CEO Robert Steele mentioned the positive changes in policies as a primary reason for the company’s decision to initiate a crypto accumulation strategy. In his statement, Steele said, “By broadening our cryptocurrency portfolio to gain larger exposure to the market, we are confident that Thumzup is ideally positioned to generate substantial value for TZUP shareholders.”
Steele further added, “With the U.S. federal government transitioning towards more crypto-friendly policies and improved regulatory clarity, Thumzup is dedicated to staying at the cutting edge of this revolutionary technology.”
Thumzup Media Corporation, established in 2020 and headquartered in Los Angeles, operates a platform that allows users to make money by promoting branded content on social media. Besides its advertising platform, the company revealed plans last week to broaden its treasury beyond bitcoin to encompass major altcoins.
Thumzup disclosed last week that Donald Trump Jr., the eldest son of the U.S. President, possesses 350,000 company shares valued at approximately $4 million, as per Bloomberg’s report. This comes after a $6 million private placement of Thumzup convertible preferred stock, organized by Dominari Securities last week. Trump Jr. and his brother Eric serve as advisors to Dominari’s parent company.
The company, listed on Nasdaq, recorded a net loss of $2.2 million in this year’s first quarter, in contrast to a net loss of $330,712 in the same period last year, according to its recent quarterly filing.
