HBAR Foundation and OnlyFans Founder Submit Bid to Acquire TikTok

The HBAR Foundation has joined forces with Tim Stokely, founder of subscription platform OnlyFans, to submit a bid to acquire TikTok’s U.S. operations. According to Reuters, the proposal was submitted to the White House last week via Stokely’s new crowdfunding venture, Zoop.

RJ Phillips, co-founder of Zoop, emphasized the vision behind the bid: “Our bid for TikTok isn't just about changing ownership, it's about creating a new paradigm where both creators and their communities benefit directly from the value they generate.” The companies aim to shift away from the traditional big tech model where platforms retain up to 90% of revenue, leaving content creators with minimal earnings.

The HBAR Foundation, known for supporting the Hedera (HBAR) blockchain—a proof-of-stake smart contract network launched in 2018—confirmed the bid in a statement to CoinDesk. Hedera currently ranks as the 22nd-largest cryptocurrency by market cap, valued at $7.2 billion. Following the news, HBAR saw a modest price increase of 1.5% in the past 24 hours.

Zoop and the HBAR Foundation's initiative marks a bold attempt to transform the creator economy by integrating blockchain technology to offer fairer revenue distribution. Their bid is among several currently in play, with Amazon also reportedly considering acquiring TikTok, according to The New York Times.

If successful, the acquisition could reshape the landscape of social media ownership and monetization, positioning Hedera’s technology at the forefront of creator-centric digital platforms. The partnership underscores a growing trend of Web3 entities challenging traditional tech giants for control over major online platforms.