Thumzup doubles Bitcoin holdings to $2m, clears 90% surplus cash for BTC

Thumzup Media Corporation has doubled its Bitcoin holdings to 19.106 BTC, increasing its investment in digital assets to $2 million. 

Thumzup company is authorized to allocate up to 90% of its surplus cash into Bitcoin (BTC). This move aligns with the company’s broader strategy to integrate cryptocurrency into its financial operations, according to a release shared with crypto.news. 

Management’s Bitcoin strategy includes compensating gig economy workers in Bitcoin through its Associate Salesperson Program. Thumzup views this initiative as an opportunity to leverage blockchain technology and artificial intelligence to enhance digital engagement and financial transactions.

Last November, it announced plans to buy up to $1 million in Bitcoin to diversify the treasury holdings. 

Institutions with Bitcoin holdings

Thumzup expects its latest Bitcoin acquisition to improve its ranking in The HODL Top 70, a list of publicly traded companies with the largest Bitcoin holdings, according to the company.

Chief executive officer Robert Steele stated that Bitcoin’s growing institutional acceptance and the launch of Bitcoin exchange-traded funds have reinforced its status as a financial asset. He also reaffirmed the company’s confidence in Bitcoin as a treasury asset and a tool for financial innovation.

“We see Bitcoin not only as a strategic asset for treasury management but also as a fundamental component of our vision for the future of digital finance,” Steele said. 

This investment comes amid broader legislative discussions, as six U.S. states have introduced proposals to establish strategic Bitcoin reserves.