Thumzup raised $50 million through a public offering to push into crypto mining and grow its multi-asset treasury. The Los Angeles-based social media company, trading under the ticker TZUP. It will use part of the funds to buy tokens such as Dogecoin, Ether, Litecoin, Solana, and XRP.
The deal positions the firm among a growing group of digital asset treasuries that acquire cryptocurrencies with capital from public or private securities sales. The firm’s SEC filing showed Donald Trump Jr. as one of the largest individual selling shareholders in the offering.
He held about 350,000 TZUP shares before the transaction. The secondary stock sale closed this week and is expected to net $46.5 million after fees. Trump’s name did not appear in company filings until July, when he joined a list of 11 selling shareholders offering a combined 3.25 million shares.
Trump expands from adtech to crypto mining
Alongside Trump Jr., several venture capital firms, Valkyrie, American Ventures, and private investors appeared on the July 9 filing. Outside of institutional sellers, Trump Jr. led in share volume sold.
His stake in Thumzup adds to the Trump family’s ongoing presence in the crypto sector, which has included founding and investing in multiple blockchain and mining ventures. Thumzup’s main product is an adtech app that pays users for promoting content on their social media accounts.
The pivot toward mining marks a broader strategy shift. The company said it is working with top mining technology providers to speed up infrastructure development. The aim is to secure a position in high-growth areas of the digital economy and build durable, revenue-generating assets.
Political scrutiny follows Trump crypto ventures
The Trump family has seen substantial gains from their crypto-related ventures. Estimates suggest they have profited around $620 million in recent months from a mix of mining, token projects, and investments.
Donald Trump Jr.’s role in Thumzup follows Eric Trump’s position as chief strategy officer at American Bitcoin, a subsidiary of Hut 8 preparing to go public via merger. Their involvement in the space has not been without controversy, often tied to political and public scrutiny.
Eric Trump has stated that the family’s interest in digital assets stems partly from experiences with being debanked and censored. With Thumzup’s funding boost and planned expansion into mining, the company joins a competitive race to blend advertising technology with blockchain ventures, aiming to stand out in both industries.
