Rumble Invests $17.1M in Bitcoin, Adding 188 BTC to Corporate Holdings
Video-sharing platform Rumble (NASDAQ: RUM) has expanded its cryptocurrency holdings with a $17.1 million investment in bitcoin (BTC), purchasing 188 BTC at an average price of $91,000 per coin, the company announced.
This move aligns with Rumble’s previously disclosed strategy to allocate up to $20 million of its cash reserves to Bitcoin as part of a broader corporate treasury initiative. CEO Chris Pavlovski emphasized that the investment reflects Rumble’s deepening commitment to the crypto industry.
“These holdings have the potential to act as a hedge against inflation and will not face dilution like many government-issued currencies that are continuously printed,” Pavlovski stated in a press release.
Future Bitcoin acquisitions will depend on several factors, including market conditions, BTC’s price fluctuations, and Rumble’s liquidity needs, the company noted. This follows a major investment by stablecoin issuer Tether, which took a $775 million stake in Rumble late last year.
Despite the announcement, Rumble’s stock closed 2.38% lower in the last trading session but showed signs of recovery in pre-market trading, climbing nearly 4% to $8.10.
