Rumble makes $17.1m purchase of 188 Bitcoin

Video platform Rumble has acquired approximately 188 Bitcoin for $17.1 million, averaging $91,000 per coin.

This purchase comes as part of its Bitcoin (BTC) treasury strategy. The company announced a plan to allocate up to $20 million to Bitcoin, emphasizing its desire to branch out into the cryptocurrency sector.

CEO Chris Pavlovski spoke on Bitcoin’s role as a hedge against inflation and its alignment with Rumble’s broader crypto-focused strategy.

“These holdings have the potential to serve as a valuable hedge against inflation and will not be subject to dilution like so many overprinted government-issued currencies,” Pavlovski said.

Rumble, known for its video-sharing and cloud services, has positioned itself as a platform catering to the crypto community. The company stated that future Bitcoin purchases will depend on market conditions, Bitcoin’s price, and Rumble’s financial needs.

Investing in Bitcoin as a treasury

Rumble’s move into crypto and Bitcoin reflects a trend among public companies, such as MicroStrategy and Marathon Digital, which are adopting Bitcoin as part of their treasury management strategies.

Last December, Tether made a $775 million investment in the platform, with a portion of the funds designated for growth initiatives.

In addition to its crypto investments, Rumble recently announced a cloud services partnership with the government of El Salvador, further solidifying its crypto ties.