- Rumble acquires 188 BTC for $17.1M, advancing its $20M Bitcoin treasury strategy.
- CEO Chris Pavlovski sees Bitcoin as a hedge against inflation and key to growth.
- Tether invests $775M in Rumble, planning collaborations in crypto payments and cloud services.
Rumble, a popular video-sharing platform, has announced the acquisition of 188 Bitcoin worth $17.1M, bought at an average price of $91,000 per coin. This move was made following the plan the company disclosed last year, allocating $20 million of its reserves to buy Bitcoin as part of the Bitcoin treasury strategy.
Chris Pavlovski, CEO and Chairman of Rumble announced the purchase and allocation of Bitcoin as part of their treasury strategy and the company’s growing ties to the crypto industry. He stated,
As a leading video and cloud services platform for the crypto community, we are proud to officially hold Bitcoin as we continue to grow and engrain crypto into our company’s DNA.
He also highlighted Bitcoin’s potential as a hedge against inflation, pointing out that they are not subject to dilution like other fiat currencies. Furthermore, any future purchase of Bitcoin will be based on various factors that includes, its price, business conditions, and cash reserves among others.
Rumble’s Bitcoin Strategy
In November 2024, Rumble’s Board of Directors approved a treasury diversification strategy, where the company would allocate a part of its cash reserves to Bitcoin. The company initially decided to allocate up to $20 million to its Bitcoin allocation strategy. At that time, Pavlovski stated that they believed the world was still in the early stages of Bitcoin adoption, but the interest in cryptocurrencies had grown significantly following the election of President Donald Trump and increased institutional interest.
Related: Metaplanet Raises ¥2B in Bonds to Expand Bitcoin Holdings
Tether’s Investment in Rumble
Tether, the leading stablecoin issuer, in late December 2024, made a strategic investment of $775 million in Rumble. Tether CEO Paolo Ardoino revealed plans that go beyond just a shareholder. He stated that Tether plans to build a good partnership with Rumble in areas like advertising, crypto payment solutions, and cloud infrastructure.
With its Bitcoin acquisition strategy and Tether’s backing, Rumble is positioning itself as a key player in the crypto and digital media ecosystem.
