Donald Trump Jr. has snapped up 350,000 shares in Thumzup Media Corp., a struggling Los Angeles-based social media startup that is stockpiling Bitcoin despite reporting just $151 in revenue last quarter.
The stake, disclosed in a Wednesday filing, was worth more than $4m at the previous close of $12.36 per share.
Trump Jr. reportedly made the investment on his adviser’s recommendation and holds no further involvement with the company, Bloomberg reported Wednesday.
The filing followed a $6m private placement of convertible preferred stock arranged by Dominari Securities. Both Trump Jr. and his brother Eric serve as advisors to the parent of that firm.
Thumzup Leans Into Crypto, Trump’s Family Doubles Down
Thumzup offers an app that pays users for product recommendations on Instagram. It recorded a $2.2m loss on just $151 in revenue in Q1. Still, its stock soared almost 75% over the prior four sessions before tumbling 17% by mid‑Wednesday.
In January, Thumzup made a notable pivot by announcing it would hold most of its liquid assets in Bitcoin. Since then, it has accumulated over $2m worth of the crypto asset. Now, the company plans to diversify further by adding six more coins, using funds raised in its latest round.
The purchase deepens the Trump family’s involvement in crypto treasury strategies. Trump-linked entities have embraced Bitcoin hoarding across ventures, ranging from Dominari’s ETF investments, Metaplanet advisory board roles, to Trump Media & Technology Group’s $2.3b Bitcoin deployment.
Trump Bets Big on Crypto, Raising Eyebrows Over Conflicts and Controversy
Donald Trump has shifted from crypto skeptic to advocate, promoting policies to make the US the “crypto capital of the world.”
His investments, including World Liberty Financial, the $TRUMP and $MELANIA meme coins and NFT deals, have reportedly generated nearly $1b in revenue.
These intertwined ventures have drawn scrutiny over potential conflicts, insider governance, and ties to controversial investors. Yet they continue to benefit from a rising regulatory tide and the Trump administration’s pro‑crypto posture.
The post Trump Jr. Buys Stake in Cash-Burning Social Media App Building Bitcoin Reserve appeared first on Cryptonews.
This articles is written by : Nermeen Nabil Khear Abdelmalak
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