Los Angeles-based Thumzup Media is expanding its investment portfolio to include cryptocurrencies.
Thumzup's Cryptocurrency Strategy
The board of Thumzup Media has approved a strategy to accumulate cryptocurrency worth up to $250 million. The company plans to gradually and transparently add Bitcoin (BTC), Ethereum (ETH), Solana (SOL), XRP, Dogecoin (DOGE), Litecoin (LTC), and USD Coin (USDC) to its treasury. CEO Robert Steele points to crypto-friendly policies in Washington as influencing this decision.
Donald Trump Jr.'s Investment in Thumzup
Documents released by Bloomberg recently revealed that Donald Trump Jr. owns approximately 350,000 shares of Thumzup, valued at around $4 million. The Trump siblings also serve as advisors to the parent company, Dominari Securities, which is orchestrating a $6 million convertible preferred stock sale.
Thumzup's Financial Results
Despite the aforementioned initiatives, Thumzup reported a net loss of $2.2 million in the first quarter of the year. In the same period last year, the loss was $330,712. The company's shares, traded under the ticker TZUP, closed at $12.59, down 2.93%. However, they have increased by 267% since the beginning of the year.
Thumzup Media's cryptocurrency investment strategy highlights the growing role of digital assets in business. However, the company faces certain financial challenges, and the future of its stock depends on the successful implementation of this plan.
