Nasdaq-listed Thumzup Media Corporation, with Donald Trump Jr. as a key investor holding approximately 350,000 shares worth $4 million, has received board approval to allocate up to $250 million toward cryptocurrency holdings. The diversified portfolio will include Bitcoin (BTC), Ether (ETH), Solana (SOL), XRP, Dogecoin (DOGE), Litecoin (LTC), and USD Coin (USDC).
CEO Robert Steele attributed the move to "clearer, more crypto-friendly regulations" from the U.S. federal government, stating the strategy aims to "create significant value for TZUP shareholders" by gaining wider market exposure. The decision expands Thumzup's initial January 2025 Bitcoin-focused treasury, which already holds over $2 million in BTC, and will be funded partially through a recent $6 million private placement arranged by Dominari Securities.
The announcement follows revelations that nearly 70 Trump administration officials—including Vice President JD Vance and President Trump himself, who disclosed at least $51 million in crypto assets—hold digital currencies. Thumzup, which operates a social media reward platform, reported a $2.2 million Q1 loss on just $151 revenue, yet saw its stock surge 75% prior to the announcement.
Historically, corporate treasury disclosures like Upexi's Solana and SharpLink's Ethereum allocations triggered triple-digit stock rallies, though often followed by sharp retracements. Thumzup joins 272+ public companies holding crypto treasuries, per BitcoinTreasuries.Net, reflecting a broader trend of corporate crypto diversification beyond Bitcoin.