Nasdaq-listed video sharing platform Rumble (RUM) announced that it has made a significant investment in Bitcoin by purchasing 188 BTC for $17.1 million.
The purchase was made at an average price of $91,000 per coin as part of the company’s broader strategy to embrace Bitcoin as a treasury asset.
The move also appears to align with Rumble’s previously announced plan to allocate up to $20 million of its cash reserves to Bitcoin. CEO Chris Pavlovski has stated that he supports the company’s increased involvement in the crypto space, citing Bitcoin’s potential as a hedge against inflation.
“These assets have the potential to provide a valuable hedge against inflation and will not be subject to dilution like many government-issued currencies,” Pavlovsky said in a press release.
Rumble also noted that future Bitcoin purchases will depend on a variety of factors, including market conditions, BTC price fluctuations, and the company's cash flow requirements.
The investment follows a major development late last year when Tether, the world’s largest stablecoin issuer, bought a $775 million stake in Rumble, demonstrating the growing intersection between the video-sharing platform and the cryptocurrency sector.
*This is not investment advice.
