Rumble (NASDAQ: RUM), the video-sharing platform and cloud services provider, has announced the purchase of approximately 188 Bitcoin, valued at around $17.1 million, as part of its previously disclosed Bitcoin treasury strategy. Acquired at an average price of approximately $91,000 per coin, this purchase is a part of the company’s plan to allocate up to $20 million into Bitcoin.
“We are excited to announce these purchases and allocation of Bitcoin as part of our treasury strategy as well as a larger strategic move as we further expand our ties to the crypto industry,” said Rumble Chairman and CEO Chris Pavlovski. “These holdings have the potential to serve as a valuable hedge against inflation and will not be subject to dilution like so many overprinted government-issued currencies. As a leading video and cloud services platform for the crypto community, we are proud to officially hold Bitcoin as we continue to grow and engrain crypto into our company’s DNA.”
The announcement follows Rumble’s previously disclosed corporate treasury diversification strategy, which was approved by its Board of Directors. The strategy aims to leverage Bitcoin as a strategic asset to accelerate the company’s expansion into digital assets while strengthening its financial position.
“We believe that the world is still in the early stages of the adoption of Bitcoin, which has recently accelerated with the election of a crypto-friendly U.S. presidential administration and increased institutional adoption,” Pavlovski stated. “Unlike any government-issued currency, Bitcoin is not subject to dilution through endless money-printing, enabling it to be a valuable inflation hedge and an excellent addition to our treasury. We are also excited to strengthen our ties with crypto and to bolster our efforts to become the leading video and cloud services platform for the crypto community.”
The company noted that the actual timing and value of any future Bitcoin acquisitions will depend on various factors, including general market conditions, Bitcoin’s trading price, and Rumble’s anticipated cash needs. Rumble stated their strategy will remain flexible and may be modified, suspended, or discontinued at any time based on the company’s discretion.