Donald Trump Jr. was listed as one of the largest selling shareholders in another digital asset treasury company, Los Angeles-based social media firm Thumzup (ticker TZUP). The firm recently raised $50 million to expand into crypto mining as well as fund token purchases for its multi-asset treasury, including tokens like Dogecoin, Ether, Litecoin, Solana, and XRP.
According to a filing with the U.S. Securities and Exchange Commission, President Donald Trump’s eldest son held approximately 350,000 TZUP shares before the company’s secondary stock offering, which closed this week and is expected to net $46.5 million after fees.
Thumzup, the operator of an adtech app that enables users to earn cash for their social media content, is one of the latest public firms to announce a crypto acquisition strategy — part of a trend of so-called digital asset treasuries (DATs) that buy tokens using capital raised by public or private securities sales.
Thumzup’s offering was made following a shelf registration filed on May 2 and declared effective by the SEC on May 30. It’s unclear when Trump first purchased stock in the firm, though his name is absent from its regulatory documents up until July, when he was listed as one of 11 selling shareholders looking to offload 3,250,000 TZUP shares in the offering.
Several venture firms were listed as selling shareholders alongside fund manager Valkyrie, real estate group American Ventures, as well as several private individuals in the regulatory filing, dated July 9. Outside of the VC and investment firms, Trump Jr. was the largest individual seller.
Unlike many DATs, Thumzup also plans to expand into mining. The firm is “actively engaging with leading mining technology providers to accelerate the buildout and position its operations at the forefront of the industry,” according to a press release on Wednesday.
“This is a transformative step in Thumzup’s evolution,” Thumzup CEO Robert Steele said. “With a strengthened capital base and a clear strategic vision, we are expanding our reach into high-growth areas of the digital economy. Our focus is on building durable, revenue-generating assets while positioning the Company as a leader in digital asset mining and treasury management.”
The Trump family has taken an active — and often controversial — role in the crypto sector, including by founding or investing in several startups, including the DeFi and stablecoin project World Liberty Financial and the American Bitcoin mining company. Bloomberg estimated the family has profited $620 million from their crypto venture proceeds in recent months.
Notably, Eric Trump is listed as chief strategy officer of American Bitcoin, a subsidiary of Hut 8 (ticker HUT) that is looking to go public through a merger, while Donald Jr. is a large shareholder.
Eric Trump has previously stated the family’s interest in crypto arose due to problems with being debanked and censored.
© 2025 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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