Donald Trump Jr. has recently acquired 350,000 shares in Bitcoin-heavy startup Thumzup Media, worth around $4 million. The company holds $2 million in Bitcoin, and plans to add six more cryptocurrencies as part of the Trump family’s crypto treasury strategy.
Bloomberg reports that he bought them on his advisor’s recommendation and has no other role in the company. The news comes after a $6 million private stock deal led by Dominari Securities, where Trump Jr. and his brother Eric are advisors to the parent company.
In a latest press release, the company announced that the board has officially approved a plan to expand the company’s crypto holdings. The company will start buying and holding more cryptocurrencies, specifically Dogecoin, Litecoin, Solana, XRP, Ethereum, and USDC, as part of its financial strategy.
In November 2024, Thumzup’s board approved using Bitcoin as a treasury asset, allowing up to $1 million in BTC purchases. It also filed with the SEC to raise up to $200 million through debt and equity to boost its Bitcoin purchases.
Thumzup, which pays users to promote products on Instagram, reported just $151 in revenue and a $2.2 million loss in Q1 2025. The company started buying bitcoin in January. It now holds 19.106 BTC worth $2.1 million and allows up to 90% of its liquid assets in crypto.
However, the company’s stock dropped over 14% on Wednesday as investors responded to its increased crypto exposure.
Some analysts have raised concerns over the rise of companies holding Bitcoin as a treasury asset. They question whether this trend is sustainable or just a phase that could fade and trigger a major market downturn.
Donald Trump Jr.’s move into Thumzup is the latest in the Trump family’s growing involvement in crypto. Back in March, Eric Trump had joined the advisory board of Metaplanet, a Japanese company shifting its reserves into Bitcoin.
In a recent move, Trump Media & Technology Group has also filed to launch a new crypto ETF that will invest in several tokens, including Bitcoin, Ether, Solana, and Ripple.
In June, Trump Media also filed with the SEC to launch the Truth Social Bitcoin ETF, a fund that directly holds Bitcoin and tracks its price.
The company is also putting $2.5 billion into building its own Bitcoin treasury. Speaking at the 2025 Bitcoin Conference, Donald Trump Jr. said, “We’re serious about crypto and Bitcoin. We’re in three big deals and just getting started. The future of finance is here, and the opportunity is huge.”
Thumzup’s stock drop likely reflects investor apprehension about the volatility and inherent risks associated with a company holding a significant portion of its liquid assets (up to 90%) in cryptocurrencies. Investors may perceive this as an aggressive and less stable treasury strategy for a company with limited revenue.
Thumzup’s $200 million (later increased to $500 million) SEC filing is a “shelf registration” that provides the company flexibility to raise capital over three years through various securities (stock, debt, etc.). The proceeds are intended for general working capital and to significantly expand its crypto treasury, particularly Bitcoin and other newly approved altcoins.
The “Truth Social Bitcoin ETF” (filed in June) would solely hold Bitcoin and track its price. The newer “Truth Social Crypto Blue Chip ETF” (filed July 8, 2025) is a diversified fund intending to hold a basket of cryptocurrencies: 70% Bitcoin, 15% Ether, 8% Solana, 5% Cronos, and 2% XRP, offering broader crypto exposure.
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