Video-sharing platform Rumble has announced that it has acquired over $17 million worth of Bitcoin as part of a previously disclosed investment strategy.
In a notice dated March 12, Rumble revealed that it had added 188 Bitcoin (BTC) to its treasury, at a total cost of around $17.1 million. This investment was proposed by CEO Chris Pavlovski back in November, following Donald Trump’s victory in the US presidential election. It was positioned as a safeguard against inflation and a step toward forging stronger connections with the cryptocurrency sector.
The company indicated that further Bitcoin purchases might be on the table, contingent upon market conditions. While Rumble didn’t directly address Trump or his aspirations to create a strategic Bitcoin reserve and cryptocurrency holdings at a federal level, Pavlovski’s social media activity has shown considerable backing for the president’s initiatives.
Rumble’s cloud services currently support Trump’s social media platform, Truth Social — his main channel for public interaction — and in January, the company entered into a partnership with the government of El Salvador to provide various services. Attempts to obtain a comment from Rumble went unanswered at the time of this report.
With Bitcoin now included in its assets, Rumble has joined the ranks of several firms that have invested in cryptocurrency following the election in November, including AI company Genius Group and software firm Semler Scientific. Rumble’s stock price has experienced a decline of roughly 34% since the beginning of the year.
Recently, the US government has strengthened its relationship with the cryptocurrency industry through various executive actions and policies. The US Securities and Exchange Commission, a key financial regulator, has decided to halt investigations and enforcement actions against numerous crypto companies related to claims of unregistered securities offerings. Additionally, Trump hosted several crypto executives and CEOs at the White House on March 7 to discuss a proposed national Bitcoin reserve and cryptocurrency holdings.
The proposed reserve, which could become law if Congress decides to pass relevant legislation, would allow any Bitcoin seized by US authorities to be held indefinitely rather than sold off at auction. The potential impact of this action on cryptocurrency prices remains uncertain.