Donald Trump Jr. invests in social media-turned BTC treasury firm

The Thumzup Media Corporation provides a platform for influencers to market various products on social media to earn revenue.
Donald Trump Jr., the eldest son of the US president, disclosed an investment in Thumzup Media Corp, a social media marketing company that has adopted the Bitcoin (BTC) treasury strategy.
Trump Jr. currently holds 350,000 shares of the company, valued at nearly $3.3 million, according to Bloomberg, and the stock is currently trading hands at roughly $9.50 per share.
The company’s board of directors approved the use of Bitcoin as a corporate treasury asset in November 2024 by green-lighting the purchase of up to $1 million in BTC. Company CEO Robert Steele said following the decision:
“With the newly sanctioned Bitcoin ETFs and growing backing from institutional investors, Bitcoin presents a strong addition to our treasury approach. Its finite supply and inflation-resistant qualities enhance its role as a reliable asset for preserving value."
In May, the company also filed a universal shelf registration with the United States Securities and Exchange Commission (SEC) to raise $200 million through corporate debt and equity to finance further Bitcoin acquisitions.
Thumzup currently holds 19.11 BTC, valued at over $2.1 million, according to data from BitcoinTreasuries, which it began accumulating in January.
The proliferation of Bitcoin treasury companies since 2024 has led some analysts to speculate on the sustainability of the corporate treasury model and whether these institutions are here to stay or will fizzle out, igniting the next prolonged bear market.
Related: Trump-linked American Bitcoin raises $220M for mining, treasury
Analysts and BTC maxis cast doubt on Strategy copycats
Strategy co-founder Michael Saylor popularized the Bitcoin treasury concept after reorienting the business intelligence software company into a Bitcoin treasury company in 2020.
Since that time, 258 institutions have adopted Bitcoin as part of their corporate reserves, including asset managers, public companies, private firms, crypto custodians and government organizations, according to BitcoinTreasuries.
However, some analysts argue that the trend is unsustainable and that many of the Strategy copycats will fail due to a lack of conviction in the supply-capped digital asset.
Bitcoin maximalist Max Keiser said that Saylor and his company have been battle-tested, weathering previous bear markets and continuing accumulation through market cycles, unlike newer treasury companies that have not faced a market downturn.
A report from venture capital firm Breed, published in June, echoed Keiser’s position that most Bitcoin treasury companies will not survive and will be forced into a death spiral once BTC prices begin to decline.
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