Key Takeaways
- Thumzup Media Corporation has been authorized to hold up to $250 million in various crypto assets.
- The company’s portfolio now includes BTC, ETH, SOL, XRP, DOGE, LTC, and USDC.
Thumzup Media Corporation, the California-based SaaS company specializing in social media branding and marketing, announced Thursday that it has secured authorization from its board of directors to hold up to $250 million in crypto assets.
The Nasdaq-listed company currently holds 19 Bitcoin worth approximately $2.3 million and plans to invest in major altcoins, including Ethereum, Solana, XRP, Dogecoin, Litecoin, and USDC. The expansion was approved by its board earlier this month.
Details of the company’s planned allocation per coin have not been disclosed.
Robert Steele, CEO of Thumzup, said in a statement that diversifying Thumzup’s portfolio is part of the company’s commitment to staying on top of crypto innovation, which is also in line with the Trump administration’s embrace of crypto.
US lawmakers on Thursday passed three major crypto bills, including the GENIUS Act, which is heading to Trump’s desk for signature. The passage of those bills is a win for pro-crypto policymakers and the digital asset industry, which has long dealt with regulatory uncertainty.
“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,” Steele stated.
Donald Trump Jr. is one of Thumzup’s shareholders. According to Bloomberg, Trump’s eldest son owns 350,000 shares in the company.
Thumzup shares (TZUP) rose in after-hours trading, according to Yahoo Finance data. The stock is up approximately 84% over the past month.
