AdTech firm Thumzup Media Corporation has diversified its portfolio to include a wide range of cryptocurrencies. In a recent press release, the Nasdaq-listed company focused on social media branding and marketing, revealed that its board of directors has approved Thumzup to hold up to $250 million in various crypto assets.
The announcement added that Thumzup Media will include not only Bitcoin (BTC) but also other major cryptocurrencies such as Ethereum (ETH), Solana (SOL), Ripple (XRP), Dogecoin (DOGE), Litecoin (LTC), and the stablecoin USDC.
Since Thumzup currently holds about 19 BTC, worth approximately $2.3 million, the platform plans to expand its current portfolio and add more crypto assets to take advantage of emerging trends and technologies in digital assets.
Thumzup Diversifies into Crypto
Thumzup’s recent move is not the company’s first attempt at crypto, as it made its first Bitcoin purchase earlier this year.
Later in May, the company filed a $200 million shelf registration with the Securities and Exchange Commission (SEC), aiming to use the proceeds from the offering to acquire additional Bitcoin and for general corporate purposes, following through with the company’s strategy to allocate up to 90% of its liquid assets to crypto.
After announcing plans to diversify its crypto portfolio last week, the company has taken action with its latest move.
According to Robert Steele, CEO of Thumzup, the company intends to capitalize on the shifting regulatory landscape in the US, with the federal government increasingly leaning towards a more crypto-friendly stance and providing greater clarity on crypto asset regulations with recent policies.
Steele added, “By diversifying our portfolio of cryptocurrencies to gain wider exposure to the market as a whole, we believe Thumzup is optimally positioned to create significant value for TZUP shareholders.”
Trump’s Sons Make Their Mark
Trump Jr., the eldest son of U.S. President Donald Trump, is a notable investor in Thumzup Media, owning 350,000 shares in the company.
As a company expanding its cryptocurrency holdings, Trump Jr.’s investment in the company demonstrates the Trump family’s growing interest in crypto assets, echoing their father’s ventures in the crypto space.
During a recent interview with CNBC’s Dan Murphy in Dubai, Eric Trump, Donald Trump’s second son, expressed his support for blockchain technology, criticizing traditional banking systems for being slow, expensive, and inefficient, and emphasizing that blockchain offers a superior alternative.
