Thumzup Media Corp, a publicly traded company, made headlines recently by announcing the addition of $1 million in Bitcoin to its balance sheet. On January 6, 2025, the company purchased 9.783 Bitcoins for $1,000,020, with an average price of $102,220 per Bitcoin, inclusive of fees and expenses.
In a bold move, Thumzup Media Corporation’s Management has requested authorization from its Board of Directors to hold up to 90% of its liquid assets in Bitcoin. The company has chosen Coinbase Prime as its custodian and provider of self-custodial wallet services for its BTC holdings.
Furthermore, Thumzup has revealed its plans to start paying gig-economy workers in Bitcoin, in compliance with relevant laws and regulations.
The decision to invest in Bitcoin comes as part of a growing trend of corporate adoption of the cryptocurrency. Following in the footsteps of MicroStrategy, whose share price has skyrocketed by almost 2,500% since embracing BTC as a treasury asset, several other publicly listed firms have also started incorporating Bitcoin into their balance sheets. Companies like Metaplanet, Semler Scientific, and MARA Holdings have all adopted similar strategies in 2024.
KULR Technology Group is another notable example, having recently purchased $21 million worth of Bitcoin, bringing its total holdings to 430 BTC at an average price of $98,393 per token. By utilizing a combination of ATM equity offerings and surplus cash, KULR has funded its purchase and implemented a BTC yield strategy, resulting in a remarkable 93.7% yield from December 2024 to January 2025. Since November 19, KULR’s share price has surged by an impressive 847%.
While companies like Acurx Pharmaceuticals, Hoth Therapeutics, LQR House, SOS Limited, and Enlivex Therapeutics have announced Bitcoin treasury strategies, they have yet to make any acquisitions. In contrast, KULR Technology Group has experienced significant share price growth following its Bitcoin purchase, highlighting the potential benefits of immediate investments in the cryptocurrency.
Overall, the rise in corporate BTC adoption signals a shifting landscape in the financial world, with more companies recognizing the value and potential of Bitcoin as a strategic asset. Thumzup Media Corp’s decision to add $1 million in Bitcoin to its balance sheet is just the latest example of this growing trend.