Donald Trump Jr. invested $4 million in Thumzup, a corporate crypto holder that recently announced an altcoin treasury strategy. This may represent increasing diversification in the family’s cryptoasset portfolio.
Thumzup has been a Bitcoin holder since January, but it’s now including six additional altcoins to its treasury. This could give the Trump family a chance to increase its altcoin exposure.
Trump Family Quietly Expands Crypto Exposure
The Trump family’s crypto empire is massive and integrated with the President’s business ventures at every level. This includes revenue from crypto firms and crypto-related expansions to his media and real estate enterprises.
Now, Donald Trump Jr. is adding another level of exposure with his purchase of stock in Thumzup Media.
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According to a Bloomberg report, the President’s son currently owns 350,000 shares in Thumzup, representing a $4 million investment.
Last week, the company made a $6 million private placement of convertible stock, so Donald Trump Jr. snagged most of this offering.
So, what does any of this have to do with Trump’s crypto empire? Earlier today, Thumzup also revealed a plan to significantly diversify its altcoin purchases.
In January, the firm adopted the Bitcoin treasury strategy, but it’s now expanding to include Ethereum, Dogecoin, Litecoin, Solana, XRP, and USDC:
“Expanding our exploration into other leading cryptocurrencies aligns with our commitment to innovation and prudent treasury management. We believe that a diversified approach to digital assets could enhance our financial flexibility,” claimed CEO Robert Steele.
Bitcoin is definitely the preferred asset for most corporate crypto strategies, but Trump’s family has shown a growing interest in altcoin diversification lately.
Trump Media filed for a Bitcoin ETF in June, following this with a split BTC/ETH ETF a few weeks later. Earlier this week, the firm attempted to create a basket product containing five altcoins.
Nonetheless, it’s hard to be sure whether or not Donald Trump Jr. invested in Thumzup due to its diversified crypto strategy. For example, his brother Eric Trump sits on the advisory board at Metaplanet, but this firm is committed to Bitcoin maximalism.
This Thumzup investment could simply be an easy opportunity to intensify crypto exposure.
Still, Trump’s family has good reasons to pursue a multifaceted approach to crypto. Lately, several corporate crypto holders have outperformed the assets in their own treasuries. The Thumzup investment seems like an easy way for Donald Trump Jr. to hedge his family’s bets.
source : https://beincrypto.com