Video hosting Rumble with over 67 million users plans to invest up to $20 million in Bitcoin as part of an updated capital management strategy. The corresponding decision was made by the company's board of directors after the voting on social networks was completed.
The company's official statement indicated that the exact date of the first investment has not yet been determined, and it will depend on a number of factors, including the general situation on the crypto market, the price of Bitcoin, and the financial needs of the company.
It should be noted that earlier, the Chairman of the Board of Directors and CEO of Rumble Chris Pavlovsky conducted a survey on the social network X (former Twitter), which is banned in Russia, a few days ago, in which he asked customers' opinions on the possibility of adding bitcoin to the company's reserves. The results were impressive - 93,9% of 43 voters supported the idea.
In his opinion, the stage of mass early adoption of Bitcoin among companies has now arrived, which is due to the growing institutional interest in the first cryptocurrency.
He noted that unlike fiat currencies, Bitcoin is not subject to depreciation due to uncontrolled emission, which makes it an effective instrument of protection against inflation and an excellent addition to the company's reserves.
Rumble (RUM) shares rose 12,63% to $7,31 after the video hosting site announced it would add bitcoin to its reserves. The gains continued in the after-hours session, with the stock rising another 5,47% to $7,71.
