Publicly traded social media marketing tech company Thumzup is exploring expanding its corporate treasury holdings beyond Bitcoin, considering whether to add other leading cryptocurrencies like Dogecoin (DOGE), Solana (SOL), the Ripple-linked XRP, and Ethereum (ETH).
The Los Angeles-based firm received approval from its board on Wednesday to begin evaluating the potential upside of adding at least six additional digital assets to its corporate treasury: Dogecoin, Litecoin, Solana, XRP, Ethereum, and the USDC stablecoin.
The tokens would be purchased using some of the proceeds from Thumzup’s $6.5 million raise, which was completed earlier this week. In a press release Wednesday, the firm said that the board had approved adding such cryptocurrencies—but Thumzup CEO Robert Steele clarified that it only has approval at this time to explore such additions.
“We’re looking at what’s in the best interest of our shareholders,” Steele told Decrypt. “Does it make sense for us to just increase the Bitcoin holding, or should we also start holding some DOGE or XRP?”
The announcement comes as a SEC filing on Wednesday showed that Donald Trump Jr.—the president’s son—had purchased 350,000 shares in Thumzup as part of his broader push to invest in crypto treasury companies. The stake was worth more than $4 million as of the closing bell on Tuesday.
Thumzup’s shares finished the trading day priced at $9.50, down 23% on the day.
The company, which began accumulating Bitcoin earlier this year, holds a little more than 19 BTC—worth roughly $2.1 million as of writing time—according to its recent statement. Bitcoin soared to a new all-time high mark above $112,000 on Wednesday, according to crypto exchange Coinbase.
Founded in 2020, Thumzup’s platform enables brands to pay ordinary people to promote various goods and services on their personal social media accounts. Although the firm is not crypto-focused, it plans to allow the influencers it pairs with various brands to accept payments in digital assets, Steele told Decrypt.
The announcement comes as dozens of publicly traded companies have embraced digital asset treasuries over the past few months, aiming to improve their fortunes.
As of publication time, 143 public firms list Bitcoin on their balance sheets, with combined holdings worth $93.3 billion, according to bitcointreasuries.net. Strategy, which pioneered the model in 2020, holds over two-thirds of that amount with $66 billion worth of Bitcoin.
Such forays into holding Bitcoin and other cryptocurrencies come as the digital asset market hovers around historic highs.
The crypto market boasts a total value of $3.4 trillion, up more than 35% from the beginning of this year. Bitcoin remains just below the new all-time high mark hit Wednesday afternoon, while several blue-chip altcoins are proving surprisingly resilient to several macroeconomic and geopolitical shocks.
“With the tariff announcements, you saw the S&P 500 go down while Bitcoin went up,” Steele said, referring to the U.S. President Donald Trump’s on-and-off trade negotiations with U.S. trading partners. “That further establishes the thesis that Bitcoin is becoming digital gold.”