Key takeaways
Thumzup Media, backed by Donald Trump Jr., has raised $50 million to invest in crypto mining and blockchain as Bitcoin reaches a new all-time high.
Thumzup Media Corporation, a social media and crypto buying firm linked to Donald Trump Jr., has secured $50 million to push into crypto mining and blockchain bets.
The move comes as Bitcoin [BTC] hits a new ATH and President Donald Trump threatens a “major lawsuit” against Fed Chair Jerome Powell.
Trump Jr. linked firm raises $50M for crypto pursuits
Fresh off a $50 million capital raise through a $10-per-share offering, the firm plans to expand its strategy to include large-scale Bitcoin mining and targeted blockchain investments.
Part of the funds will go toward purchasing advanced mining rigs, with talks already underway with technology providers to fast-track deployment.
Thumzup, which bought its first Bitcoin in January and now holds 19.1 BTC, joins a growing list of public companies treating crypto as a strategic asset.
Donald Trump Jr. owns 350,000 shares in the company.
Bitcoin rally on the macro wave
Building on Thumzup’s bullish timing, Bitcoin surged past $123,231 on the 13th of August, a fresh all-time high on Coinbase.
The milestone came alongside a record-setting S&P 500, as softer-than-expected inflation data caused optimism in risk markets.
July’s CPI held steady at 2.7% year-over-year – below forecasts – while monthly price growth slowed, strengthening bets on a September rate cut.
The CME FedWatch tool now pegs those odds at nearly 96%.
Looser monetary policy and an end to quantitative tightening have so far supported Bitcoin’s momentum.
Investors also see effects from President Trump’s One Big Beautiful Bill making way for more crypto gains.
Trump eyes Fed successor amid Powell criticism
As Bitcoin’s rally unfolds, the political spotlight is also on the Federal Reserve.
President Donald Trump has intensified his attacks on Jerome Powell, calling him “Too Late” and claiming “the damage” as “incalculable.”
He blasted a $3 billion Fed building project as “a job that should have been a $50 Million Dollar fix up. Not good!”
Meanwhile, the administration is vetting 11 potential successors for when Powell’s term ends in May.
New names in the mix include Jefferies strategist David Zervos, former Fed Governor Larry Lindsey, and BlackRock CIO Rick Rieder. They join a roster of seasoned monetary policy hands.
Officials have described the process as “deliberative.” Treasury Secretary Scott Bessent is set to interview all contenders before narrowing the field for Trump’s decision.