Simply put
- Thumzup, a publicly-traded company, is considering the addition of cryptocurrencies to its financial portfolio, in addition to Bitcoin.
- The board approved this on Wednesday, and CEO Robert Stee mentioned they are looking into at least six coins for potential inclusion.
- These coins include Dogecoin, Litecoin, Solana, XRP, Ethereum, and the USDC Stablecoin.
Thumzup, which specializes in social media marketing technology, is assessing the possibility of expanding its corporate finance holdings beyond Bitcoin. They are looking at major cryptocurrencies like Dogecoin, Solana, XRP, and Ethereum.
Headquartered in Los Angeles, the company received board approval on Wednesday and is now weighing the benefits of adding at least six digital assets: Dogecoin, Litecoin, Solana, XRP, Ethereum, and USDC.
To fund these purchases, Thumzup plans to use part of the proceeds from a recent $6.5 million salary increase. The board has approved the exploration of this cryptocurrency addition, but according to CEO Robert Steele, it’s still in the investigative phase.
“We want to do what’s best for our shareholders,” Steele stated. “Should we retain more Bitcoin, or explore holding Doge or XRP?”
In a filing with the SEC, it was noted that Donald Trump Jr. purchased 350,000 shares of Thumzup as part of a larger investment strategy in the crypto space, valued over $4 million as of Tuesday’s closing.
However, the day saw Thumzup’s shares drop by 23%, landing at $9.50.
The company, which started acquiring Bitcoin earlier in the year, has gathered about 19 BTC, worth roughly $2.1 million at this moment. Bitcoin reached an all-time high of over $112,000, according to Crypto Exchange Coinbase.
Founded in 2020, Thumzup provides a platform for brands to pay everyday individuals to promote different products on social media. While not solely focused on crypto, the plan is to enable influencers to accept payments in digital assets, Steele explained.
This move aligns with a trend of public companies adapting their financial strategies to include digital assets in recent months.
Currently, 143 public firms are listed with Bitcoin on their balance sheets, totaling holdings worth around $93.3 billion. The dominant strategy, developed in 2020, comprises more than two-thirds of that amount held in Bitcoin valued at $66 billion.
The ongoing interest in Bitcoin and other cryptocurrencies comes as the digital asset market approaches historical highs.
The crypto market capitalization has climbed to $3.4 trillion, marking a 35% increase since the start of the year. While Bitcoin is just shy of its record from Wednesday afternoon, some leading altcoins have demonstrated surprising resilience despite macroeconomic challenges.
“With new tariffs rolled out, we noticed the S&P 500 dip while Bitcoin rose,” Steele reflected, referencing trade talks involving President Donald Trump. “This really positions Bitcoin as a form of digital gold.”
