Thumzup Media Corporation, a social media advertising and cryptocurrency asset strategy company, has announced its intention to expand its crypto holdings.
Plans to Expand Crypto Holdings
Thumzup is set to add cryptocurrencies such as Ethereum (ETH), Solana (SOL), Ripple’s XRP, Dogecoin (DOGE), Litecoin (LTC), and USD Coin (USDC) to its treasury. Until now, the company has only held Bitcoin in its treasury. This move aligns with their plan to maintain up to 90% of their liquid funds in cryptocurrencies.
Donald Trump Jr. Investments
Donald Trump Jr. recently acquired 350,000 shares of Thumzup valued at approximately $4 million through a private placement deal organized by Dominari Securities, where his brother, Eric Trump, serves as an advisor. Although Trump Jr. holds no operational role at Thumzup, this highlights the family's ongoing connection to crypto-focused companies.
Thumzup's Financial Results
Despite ambitious plans in the crypto and adtech sectors, Thumzup reported weak financial results for Q1, with only $151 in revenue and a net loss of $2.2 million. The company operates a platform where users are compensated for postings about advertisers on social media.
The expansion of Thumzup's cryptocurrency portfolio, coupled with interest from notable individuals like Donald Trump Jr., emphasizes the company's prospects in the crypto asset segment despite current financial challenges.
