American advertising technology company Thumzup Media Corporation announced on Thursday that its board has authorized the company to hold up to $250 million in crypto assets, including Bitcoin (BTC) and other mainstream cryptocurrencies. Reports indicate that Donald Trump Jr., the eldest son of U.S. President Trump, is an investor in the company.
Thumzup stated in a press release that the cryptocurrencies authorized by the board for Thumzup to hold include Bitcoin, Ethereum (ETH), Solana (SOL), Ripple (XRP), Dogecoin (DOGE), Litecoin (LTC), and the USD stablecoin USDC.
Thumzup CEO Robert Steele pointed out that the positive shift in the U.S. policy environment is one of the main factors behind the company's decision to engage in cryptocurrency investments.
"By diversifying our cryptocurrency investment portfolio to gain broader exposure to the overall market, we believe Thumzup is in the best position to create significant value for TZUP shareholders," Steele stated. "As the U.S. federal government pushes for more friendly cryptocurrency policies and clearer regulatory directions, Thumzup will continue to strive to be at the forefront of this transformative technology."
Founded in 2020, Thumzup is headquartered in Los Angeles and operates a platform that allows users to promote brand content via social media to earn cash. In addition to the advertising platform, the company announced plans last week to expand its reserve cryptocurrencies to include mainstream altcoins.
According to reports, Thumzup revealed last week that Donald Trump Jr., the eldest son of U.S. President Trump, holds 350,000 shares of the company, valued at approximately $4 million. This news follows the company's completion of a $6 million convertible preferred stock private placement arranged by Dominari Securities, where both Donald Trump Jr. and his brother Eric Trump serve as advisors to Dominari’s parent company.
According to the latest quarterly financial report, this Nasdaq-listed company had 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 data from Yahoo Finance, Thumzup's stock price (ticker: TZUP) fell 2.93% on Thursday, closing at $12.59. Over the past five trading days, Thumzup has risen 16.9%, with a year-to-date increase of 267%.
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