Video Platform Rumble Adds 188 BTC to Treasury in $17.1M Purchase.

Rumble Acquires 188 BTC for $17.1M as Part of Bitcoin Treasury Strategy

Video-sharing giant Rumble (NASDAQ: RUM) has announced the acquisition of 188 bitcoin (BTC) for $17.1 million, furthering its commitment to integrating cryptocurrency into its corporate strategy. The purchase was executed at an average price of $91,000 per BTC.

The move aligns with Rumble’s previously stated plan 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 potential as a hedge against inflation and its resilience compared to fiat currencies.

“Unlike government-issued currencies that face constant dilution, Bitcoin provides a secure store of value,” Pavlovski stated in the announcement.

Rumble noted that future Bitcoin acquisitions would be contingent on factors such as market conditions, price fluctuations, and overall cash flow needs. This comes after stablecoin issuer Tether made a significant $775 million investment in the company late last year.

Following the announcement, Rumble’s stock closed 2.38% lower in the last trading session but showed a nearly 4% increase in pre-market trading, reaching $8.10.