Donald Trump Jr.-backed Thumzup to acquire Ether, XRP, Solana following board approval
Key Takeaways
- Thumzup is expanding its crypto treasury strategy with plans to acquire six altcoins.
- Donald Trump Jr. acquired 350,000 shares in Thumzup Media Corp, which holds over $2 million in Bitcoin.
Thumzup Media, a Los Angeles-based company focused on social media marketing and crypto asset strategies, announced Wednesday that its Board of Directors has approved a plan to expand its digital asset holdings beyond Bitcoin.
The media startup, which pays users to promote products on social media platforms like Instagram, currently holds over $2 million worth of Bitcoin.
The authorization means that Thumzup can begin acquiring other crypto assets, including Ether (ETH), Ripple (XRP), Solana (SOL), Dogecoin (DOGE), Litecoin (LTC), and USD Coin (USDC), the company specified in the announcement.
The latest development follows a new Bloomberg report revealing that Donald Trump Jr., the eldest son of US President Donald Trump, owns 350,000 shares in the company, a stake valued at over $4 million.
As reported, the investment was made on the advice of his investment adviser, and he holds no active role within the company.
The investment reflects a trend among Trump-affiliated entities embracing crypto treasury strategies. Trump Media, the parent company of Truth Social, has announced plans to allocate $2.3 billion to Bitcoin, while Dominari is actively investing in Bitcoin ETFs.
Despite the high-profile backing, Thumzup reported a loss of over $2 million on $151 in revenue during the first quarter of 2025. Shares of the company fell nearly 14% in intraday trading, according to Yahoo Finance data.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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