Crypto treasury companies are starting to see share price gains off the back of stock buyback programs, which analysts say could be a sign that the companies are now battling for credibility. 

Trump Jr.-linked media company Thumzup, which holds Bitcoin (BTC) and Dogecoin (DOGE), said on Wednesday it was increasing a share buyback from $1 million to $10 million, which sent its stock (TZUP) up 7% for the session and another 0.82% after hours to trade $4.91.

At the same time, Solana treasury company DeFi Development Corp (DFDV) expanded its share repurchase from $1 million to $100 million, which saw its stock register gains of over 5%, before settling at a more than 2% gain and another 1% after hours to trade at $15.50.