Surprising Move: US President Trump’s Son Sells His Shares in a Company That Owns 5 Major Altcoins

Donald Trump Jr., the eldest son of US President Donald Trump, has sold off his significant stake in Los Angeles-based social media company Thumzup (TZUP).

Trump Jr. held approximately 350,000 shares of TZUP prior to the company's secondary offering, according to a filing with the U.S. Securities and Exchange Commission (SEC). The offering, which closes this week, is expected to generate $46.5 million after fees.

Thumzup operates an ad tech app that allows users to earn money from their social media content. The company recently raised $50 million to diversify its cryptocurrency mining and purchase cryptocurrencies like Dogecoin, Ethereum, Litecoin, Solana, and XRP for its multi-asset treasury.

According to SEC filings, Trump Jr.'s name had not appeared on company documents prior to the July release. The July 9 filing listed Trump Jr. as one of 11 shareholders planning to sell a total of 3,250,000 shares of TZUP. Venture capital firms, fund manager Valkyrie, real estate group American Ventures, and some individual investors were also among the sellers. Trump Jr. was the largest individual seller outside of institutional investors.

The Trump family has recently become prominent for its active, and sometimes controversial, investments in the crypto space. According to Bloomberg, the family has made $620 million in profits from crypto ventures in recent months. Family member Eric Trump serves as the chief strategy officer of American Bitcoin, a subsidiary of Hut 8 that is in the process of going public, while Donald Trump Jr. is a major shareholder in the company.

*This is not investment advice.