Donald Trump Jr. disclosed an investment into Thumzup Media Corp. a social marketing company which has adopted Bitcoin.BTCThe Treasury Strategy.
Trump Jr. holds approximately $3.3 million worth of shares, or 350,000 shares, in his company. BloombergThe current price of the shares is $9.50.
The board of directors is the company’s management team approved Use of Bitcoin as a corporate treasury asset In November 2024, the company will be able to purchase up to $1,000,000 in BTC. Robert Steele, CEO of the company, said that following this 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.”
The company filed an universal shelf registration in May with the United States Securities and Exchange Commission. raise 200 million dollars in corporate debt and equity will be used to fund further Bitcoin purchases.
Thumzup has 19.11 BTC valued at $2.1M, according to data. BitcoinTreasuriesIt began to accumulate in January.
You can also find out more about the following: proliferation of Bitcoin treasury companies Since 2024, some analysts have speculated on whether the corporate Treasury model will last or if these institutions will fade away and spark the next extended bear market.
Related: Trump-linked American Bitcoin raises $220M for mining, treasury
BTC Maxis and analysts doubt Strategy copies
Michael Saylor, co-founder of Strategy and a Bitcoin Treasury company since 2020, popularized this concept.
Since then, 258 institutions, including public companies, asset managers and custodians of crypto assets, as well as government entities, have added Bitcoin to their corporate reserves. BitcoinTreasuries.
Many analysts believe that this trend will not continue and many are concerned about the future. Strategy copycats will fail Due to lack of confidence in digital assets with a limited supply.
Bitcoin maximalist Max Keiser said Saylor’s company has been tested in the market, having weathered previous bear markets, and continued to accumulate through all market cycles. This is unlike other treasury firms that are newer and have never experienced a downturn.
The following are some of the ways to get in touch with each other report Breed’s report, which was published in June, reiterated Keiser’s view that most Bitcoin treasury companies will not survive The price of BTC will begin to drop, and the industry will enter a spiral downward.
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Source: cointelegraph.com
