Rumble Buys 188 BTC for $17.1M, Advancing Bitcoin Treasury Strategy
Rumble (NASDAQ: RUM), the popular video-sharing platform, has expanded its cryptocurrency holdings with the acquisition of 188 bitcoin (BTC) for $17.1 million. The purchase was made at an average price of $91,000 per BTC, the company confirmed.
This investment is part of Rumble’s ongoing strategy to allocate up to $20 million of its cash reserves to Bitcoin. CEO Chris Pavlovski highlighted the long-term benefits of holding BTC, citing its deflationary nature and potential to hedge against inflation.
“Bitcoin’s fixed supply and resistance to devaluation make it a unique asset in today’s economic climate,” Pavlovski stated in a press release.
The company noted that further acquisitions would depend on several factors, including Bitcoin’s price action, market trends, and Rumble’s liquidity needs. This move follows a major $775 million investment in Rumble by stablecoin issuer Tether late last year.
Despite the announcement, Rumble’s stock dipped 2.38% in the last trading session but rebounded in pre-market trading, climbing nearly 4% to $8.10.
