Donald Trump Jr., the eldest son of U.S. President Donald Trump, has disclosed an investment in Thumzup Media Corp, a Bethesda, Maryland-based social media marketing company that executives have designated as a holder of Bitcoin (BTC) treasury assets.
According to a Bloomberg report citing regulatory filings, Trump Jr.’s entity holds 350,000 shares in Thumzup, valued at approximately $3.3 million. Thumzup stock was trading at roughly $9.50 per share during the reporting period.
In November 2024, Thumzup’s board approved plans to allocate up to $1 million of the company’s treasury assets to acquiring Bitcoin. Company CEO Robert Steele commented on the decision:
” With the newly sanctioned Bitcoin exchange-traded funds (ETFs) and heightened institutional investor interest, Bitcoin represents a compelling component of our treasury strategy. Its finite supply and demonstrated inflation resistance enhance its suitability as an asset for preserving wealth.”
Furthermore, Thumzup filed a universal shelf registration statement with the U.S. Securities and Exchange Commission (SEC) in May 2024, seeking authorization to raise up to $200 million through the issuance of corporate debt and equity securities. These funds could be utilized for additional Bitcoin treasury investments.
Thumzup publicly confirms holding a total of 19.11 BTC. The company obtained the Bitcoin incrementally, completing its initial acquisition by January 2024.
The proliferation of institutional entities adopting Bitcoin treasury strategies since early 2024 has prompted some analysts to question the long-term viability of this model and whether these institutions possess stay power, or could contribute to a further bear market phase.
Industry Observations vs. Analyst Skepticism
The Bitcoin treasury concept gained prominence following Michael Saylor, CEO of MicroStrategy, who transformed his business intelligence software company into a significant Bitcoin treasury holder beginning in 2020.
According to data compiled by BitcoinTreasuries, 258 separate entities have allocated Bitcoin as part of their treasury reserves since then, including asset managers, public corporations, private firms, crypto custodians, and government organizations.
However, some financial analysts have cast doubt on the sustainability of companies entering the space without Saylor’s prior track record. Max Keiser, a noted Bitcoin maximalist, has stated that MicroStrategy has weathered previous bear markets while continuing accumulation. He contrasts this with newer entrants whose performance during a market downturn remains untested.
A report by venture capital firm BreedCapital echoed Keiser’s sentiment, concluding in June 2025 that the vast majority of Bitcoin treasury companies will ultimately fail and face a potential “death spiral” as BTC prices recede.
