Thumzup Media Corp Invests $1 Million in Bitcoin as Corporate Adoption Grows
Thumzup Media Corp has added $1 million in Bitcoin to its balance sheet, purchasing 9.783 Bitcoins at a price of $102,220 each. The company plans to hold up to 90% of its liquid assets in Bitcoin and intends to pay gig-economy workers in Bitcoin. Corporate adoption of Bitcoin is on the rise, with several companies, including KULR Technology Group, experiencing significant investment success and share price growth.
Thumzup Media Corp, a publicly traded entity, has made a significant move by adding $1 million in Bitcoin to its balance sheet. On January 6, 2025, the company acquired 9.783 Bitcoins at an average price of $102,220, totaling $1,000,020, inclusive of all associated fees and expenses. Moreover, the management has sought approval from its Board of Directors to potentially hold up to 90% of its liquid assets in Bitcoin. The custodian for these holdings will be Coinbase Prime, which will also provide self-custodial wallet services. In an innovative step, Thumzup plans to begin compensating gig-economy workers in Bitcoin, complying with all pertinent legal and regulatory standards.
The rise of corporate adoption of Bitcoin has been notable, with several publicly listed companies increasingly following in the footsteps of pioneering firms like MicroStrategy. Since adopting Bitcoin as a treasury asset, MicroStrategy has experienced a staggering share price increase of nearly 2,500%. In 2024, additional companies such as Metaplanet, Semler Scientific, and MARA Holdings have similarly initiated substantial Bitcoin investments. KULR Technology Group has also made headlines by purchasing $21 million worth of Bitcoin, further amplifying its total holdings to 430 BTC at an average acquisition cost of $98,393 per token. This company has effectively leveraged ATM equity offerings and surplus cash to finance its Bitcoin purchases and has seen remarkable success with its Bitcoin yield strategy, achieving a yield of 93.7% from December 2024 to January 2025.
In contrast, a number of publicly traded companies, including Acurx Pharmaceuticals, Hoth Therapeutics, LQR House, SOS Limited, and Enlivex Therapeutics, have announced intentions to implement Bitcoin treasury strategies but have yet to actualize their purchases. KULR Technology Group, however, has demonstrated substantial growth in its share price post-investment in Bitcoin, highlighting the potential advantages inherent in these prompt Bitcoin acquisitions.
The adoption of Bitcoin by corporate entities is a trend gaining momentum in the financial landscape, with many publicly listed companies starting to recognize the benefits of incorporating cryptocurrencies into their operational and treasury strategies. The decisions made by firms like MicroStrategy, KULR Technology Group, and others are increasingly shaping the market’s perception of Bitcoin not merely as a speculative asset but as a viable treasury asset that could contribute significantly to a company’s financial health and investor appeal.
Thumzup Media Corp’s recent addition of $1 million in Bitcoin underscores the growing trend of corporate bitcoin adoption, reflecting a strategic maneuver in asset diversification. As companies like MicroStrategy and KULR Technology Group lead the way with successful Bitcoin investments, Thumzup’s initiative to allocate a significant portion of its liquid assets in Bitcoin could position it favorably within the evolving corporate finance landscape. Through these endeavors, the firm not only aligns itself with modern financial practices but also enhances its competitive edge by embracing emerging technologies.
Original Source: coinpedia.org
Post Comment