Thumzup Media Spends $1 Million to Adopt Bitcoin
Thumzup Media, a social media marketing company, announced that it has purchased $1 million for 9,783 Bitcoin (BTC) at an average price of $102,220 per coin on its balance sheet, Monday (06/01).
The move is to diversify and store up to 90% of the company's liquid assets in Bitcoin. The company uses Coinbase Prime as a custodian wallet for the company's Bitcoin holdings.
The company also intends to start paying gig economy workers in Bitcoin. Thus, Thumzup's adoption is the same as that of MicroStrategy, a pioneering company that adopted Bitcoin on its balance sheet.
For information, recently KULR Technology Group (KULR), a technology company, also purchased Bitcoin for $21 million or around 430 BTC at an average price of $98,393 per token. This caused KULR shares to increase by 847%.