Thumbup Media, Introduces BTC... Spread of Corporate Holding Strategy
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Thumbup Media, a NASDAQ-listed company operating an influencer-based advertising platform, decided through a board resolution to additionally purchase up to $1 million (about 1.366 billion won) worth of Bitcoin, and has been holding 19.11 Bitcoin (worth about 2.7 billion won) since January.
Robert Steel, CEO of Thumbup, stated, "Bitcoin is emerging as a store of value, thanks to the approval of exchange-traded funds (ETFs) and institutional capital inflows."
In May, Thumbup submitted a universal registration document worth $200 million to the U.S. Securities and Exchange Commission (SEC) to purchase additional Bitcoin. The strategy of incorporating Bitcoin into corporate financial assets was first introduced by Michael Saylor, chairman of MicroStrategy, in 2020 and has since spread, with 258 institutions currently adopting a similar strategy.
However, experts are questioning the sustainability of the strategy, noting that late-entry companies have not experienced a market downturn. Breed Capital assessed in a report that "many new companies that entered during a bull market may not be able to withstand a market downturn."
Bitcoin maximalist Max Keiser said, "Cases like Saylor who have proven a long-term accumulation strategy through market cycles are rare," and "companies riding short-term trends can be vulnerable to volatility."
Reporter Jung Ha-yeon yomwork8824@blockstreet.co.kr
