A video-sharing platform listed on Nasdaq has allocated $17.1 million towards acquiring bitcoin (BTC), thereby adding 188 BTC to its corporate treasury, as stated by the company.
The bitcoins were purchased at an average price of $91,000 each.
This acquisition aligns with the company’s earlier revealed strategy to establish a bitcoin treasury and earmark up to $20 million of its cash reserves for bitcoin investments. The CEO remarked that this decision reflects the company’s deeper engagement in the cryptocurrency sector.
“These assets could act as a significant safeguard against inflation and won’t face the dilution risks associated with numerous overprinted government currencies,” the CEO mentioned in a press release.
The firm indicated that additional purchases would depend on various factors, including market conditions, bitcoin prices, and the company’s cash flow requirements. Towards the end of last year, a leading stablecoin issuer made a considerable $775 million investment in the platform.
Rumble’s shares finished the last trading session down by 2.38% but saw a nearly 4% increase in pre-market trading, reaching $8.1.