Rumble allocates $20M to Bitcoin
Rumble, a Tether-backed (CRYPTO:USDT) video-sharing platform listed on Nasdaq, has made its inaugural purchase of Bitcoin as part of a broader strategy to invest up to $20 million in the cryptocurrency.
CEO Chris Pavlovski announced that the acquisition took place on January 17, marking a significant step in the company's efforts to diversify its financial reserves.
While the specific amount of Bitcoin (CRYPTO:BTC) acquired has not been disclosed, Pavlovski emphasised that this purchase is just the beginning of Rumble's long-term strategy to bolster its treasury with Bitcoin.
He highlighted Bitcoin's resilience against inflation and its increasing institutional adoption as key reasons for this investment.
“On Friday, Rumble made its first-ever purchase of Bitcoin. It won’t be the last,” Pavlovski stated.
Rumble's entry into the crypto space aligns with a growing trend among public companies adopting Bitcoin as a treasury asset.
Firms like MicroStrategy and Marathon Digital have paved the way for such moves, drawing attention from investors who view these companies as proxies for Bitcoin exposure.
With 67 million active monthly users, Rumble is positioning itself as an alternative to platforms like YouTube, which has garnered interest amid shifting content moderation policies.
The timing of Rumble's Bitcoin purchase coincides with increased interest in cryptocurrencies across various sectors.
Additionally, Rumble recently announced a partnership with the government of El Salvador for cloud services, further solidifying its ties to the crypto ecosystem.
In December 2024, Tether invested $775 million in Rumble, part of which is allocated for growth initiatives.
This strategic move into Bitcoin reflects Rumble’s commitment to enhancing its financial stability and adapting to market trends.
At the time of reporting, the Bitcoin (BTC) price was $101,985.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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