The video-sharing platform Rumble has purchased around 188 Bitcoin for a total of $17.1 million, averaging approximately $91,000 per coin.
This acquisition is part of its Bitcoin (BTC) treasury strategy, with the company planning to allocate up to $20 million to Bitcoin as it seeks to expand its presence in the cryptocurrency arena.
CEO Chris Pavlovski highlighted Bitcoin’s role as a safeguard against inflation and its fit within Rumble’s broader strategy focused on cryptocurrencies.
“These assets have the potential to act as a strong defense against inflation and will not experience the same dilution found in many overissued fiat currencies,” Pavlovski mentioned.
Rumble, recognized for its video-sharing and cloud service offerings, has established itself as a hub for the crypto community. The company indicated that future Bitcoin acquisitions will be influenced by market dynamics, Bitcoin’s pricing, and Rumble’s financial situation.
Investing in Bitcoin as a treasury
Rumble’s venture into crypto and Bitcoin mirrors a growing trend among publicly traded companies, like MicroStrategy and Marathon Digital, incorporating Bitcoin into their treasury management practices.
Last December, Tether made a substantial investment of $775 million into the platform, with part of those funds allocated for expansion efforts.
Alongside its cryptocurrency investments, Rumble recently announced a cloud services collaboration with the government of El Salvador, further strengthening its connections to the crypto sector.