Streaming Giant Rumble Discloses $17.1 Million Bitcoin (BTC) Purchase

Rumble, a Toronto-headquartered video hosting, streamling and cloud platform, joins the corporate Bitcoin ($BTC) purchasing mania. The statement about $17.1 million Bitcoin ($BTC) added to the treasury comes 10 weeks after Tether's investment in Rumble.

$17,100,000: Video platform Rumble confirms first $BTC purchase

According to its official statement, Canada's video streaming platform Rumble, disclosed its pioneering Bitcoin ($BTC) purchasing. The company has added 188 Bitcoins ($BTC) to treasury with an average price of $91,000 per coin, Rumble said in X.

In total, the company is going to allocate $20 million in Bitcoin ($BTC), Rumble CEO Chris Pavlovski said in a press release.

The company bets big on Bitcoin ($BTC) "as a valuable tool for strategic planning and reinforces the company’s expansion into cryptocurrency," the team says.

Fueled by the announcement, Rumble's RUM stocks are up by 2.7% in 24 hours on Nasdaq's premarket. However, the X followers opined that the company might be getting exposure to Bitcoin ($BTC) on too high prices.

As of press time, Bitcoin ($BTC) is changing hands at $81,633. Rumble should be 10.33% underwater, with a negative paper PnL of $1.77 million.

Rumble jumps into top 40 corporate $BTC holders

With this purchase, Rumble becomes the 40th largest corporate holder of Bitcoin ($BTC), Bitcoin Treasuries tracker says. Rumble's $BTC holdings are equal to 0.60% of its net market cap.

As covered by U.Today previously, in December 2024, Rumble secured a whopping $775 million investment from Tether, the issuer of the world's largest stablecoin, USDT.

In the first batch, Tether transferred to Rumble $250 million in cash. As such, the company injected into Bitcoin ($BTC) about 7% of the first Tether transfer.

In total, publicly listed companies are responsible for over 657,000 Bitcoins ($BTC) worth $53 billion; it is 3.13% of the entire Bitcoin ($BTC) supply.