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Nidhi Kolhapur
Nidhi Kolhapur
Author
Nidhi is a Certified Digital Marketing Executive and Passionate crypto Journalist covering the world of alternative currencies. She shares the latest and trending news on Cryptocurrency and Blockchain.
- Jan 07, 2025 18:08 UTC
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Thumzup Media Corp Adds $1 Million in Bitcoin To Its Balance Sheet
Thumzup Media adds $1M in Bitcoin to its treasury, with plans to hold up to 90% of liquid assets in BTC and pay workers in crypto.
Corporate Bitcoin adoption surges! KULR sees 847% stock rise after BTC purchase, inspiring firms like Thumzup & more to follow.
In the latest development, publicly traded company Thumzup Media Corp announced that it has added $1 million in Bitcoin to its balance sheet. On January 6, 2025, Thumzup Media Corporation purchased 9.783 Bitcoins for $1,000,020, at an average price of $102,220 per Bitcoin, inclusive of fees and expenses.
Notably, the Company’s Management has requested authorization from its Board of Directors to hold up to 90% of its liquid assets in Bitcoin. Coinbase Prime serves as custodian and provides self-custodial wallet services for the Company’s BTC holdings.
Additionally, Thumzup intends to start paying gig-economy workers in Bitcoin, in line with applicable laws and regulations.
Rise In Corporate BTC Adoption
As corporate adoption of Bitcoin (BTC) continues to grow, more publicly listed firms are following MicroStrategy’s lead. MicroStrategy’s share price has surged almost 2,500% since adopting BTC as a treasury asset. In 2024, several companies, including Metaplanet, Semler Scientific, and MARA Holdings, adopted similar strategies.
KULR Technology Group (KULR) also purchased $21 million worth of Bitcoin, bringing its total holdings to 430 BTC at an average price of $98,393 per token. KULR has used a combination of ATM equity offerings and surplus cash to fund its purchase and has implemented a BTC yield strategy, seeing a 93.7% yield from December 2024 to January 2025. Since November 19, KULR’s share price has risen by a massive 847%.
Notably, Several publicly traded companies, including Acurx Pharmaceuticals, Hoth Therapeutics, LQR House, SOS Limited, and Enlivex Therapeutics, have announced Bitcoin treasury strategies but have not yet made acquisitions. KULR Technology Group, in contrast, has seen significant share price growth after purchasing Bitcoin, demonstrating the potential benefits of immediate Bitcoin investments.
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