Thumzup Board of Directors Approve $1 Million BTC Buy as a Treasury Reserve Asset

Thumzup Media Corporation, a Nasdaq-listed social media marketing company, has announced a shift in its financial strategy with the approval of a $1 million Bitcoin purchase.

The company’s Board of Directors approved the bold move, to purchase the digital asset as a robust treasury reserve asset.

The company, based in Los Angeles, enables brands to compensate users for promoting their products on platforms like Venmo and PayPal.

Thumzup Shows Massive in Interest

CEO of Thumzup Media Corporation, Robert Steele, explained the reason behind the decision, emphasizing Bitcoin’s finite supply and resistance to inflation.

“As demand for BTC increases and it gains recognition as a leading asset class, we believe it will serve as a robust reserve asset for our treasury,” Steele stated.

According to him, Bitcoin’s capped supply of 21 million coins makes it an attractive choice for corporations aiming to safeguard their assets against inflation and economic uncertainty. By integrating Bitcoin into its financial structure, Thumzup hopes to align itself with the growing trend among companies seeking to diversify their treasury reserves.

Market and Legislations Momentum Fuels Confidence

Thumzup’s decision closely resembles the strategies of major financial institutions like BlackRock and Fidelity, which have also greatly increased their investments in Bitcoin through the cryptocurrency’s spot ETF.

However. BlackRock’s iShares Bitcoin Trust brought in over $2 billion, the highest investments among other spot ETFs.

The Pennsylvania House of Representatives recently proposed a “Bitcoin Strategic Reserve Act,” which would permit the state treasury to allocate up to 10% of its state funds to Bitcoin. Similarly, Republican Senator, Cynthia Lummis, has introduced a plan to use part of the Federal Reserve’s gold reserves to acquire $1 million Bitcoin.

A Broader Vision for Digital Asset Integration With Traditional Markets

Thumzup’s move reflects not only its confidence in Bitcoin’s long-term value stability but also signals the vision of a new era with digital assets integration into its financial structure.

Nonetheless, Bitcoin is currently trading at $90,693 with a 3.93% day to day increase. As Bitcoin adoption continues to rise, it is hoped that more institutions will follow Thumzup’s investment footsteps and capitalize on Bitcoin as a potential store of value.