Another publicly traded U.S. firm adds bitcoin to its balance sheet with Thumzup Media’s $1 million purchase.
Thumzup Media Buys $1 Million Worth of Bitcoin
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Thumzup Wants to Hold 90% of its Liquid Assets in Bitcoin
Thumzup Media Corp., a publicly traded firm in the U.S. announced the acquisition of 9.783 BTC worth about $1 million with an average price of $102,220 per BTC. According to the company’s Treasury Asset Strategy, the company’s management is asking the board for permission to keep up to 90% of its liquid assets in bitcoin.
The business intends to start paying gig economy workers in bitcoin in the coming weeks, subject to applicable regulation, and has teamed with Coinbase’s Prime platform to act as custodian for its bitcoin holdings.
For a $33.6 million micro-cap firm, Thumzup’s $1 million bitcoin investment signifies a substantial change in treasury management approach. Approximately 3% of their market capitalization is committed to crypto with this acquisition of 9.783 BTC.
Thumzup’s decision places it in line with the growing trend of smaller businesses using bitcoin as a treasury asset. In contrast to other corporate bitcoin adopters who often take more conservative stances, the 90% liquid asset allocation suggestion is rather bold. Incorporating Bitcoin payments for gig workers could also offer a distinctive value proposition in Thumzup’s marketing industry.
