Rumble’s Bitcoin Investment
Nasdaq-listed video-sharing platform Rumble (RUM) has invested $17.1 million in bitcoin (BTC), adding 188 BTC to its corporate treasury, the company announced.
The purchase was made at an average price of $91,000 per coin.
This move is part of Rumble’s previously disclosed plan to adopt a bitcoin treasury strategy, allocating up to $20 million of its cash reserves to bitcoin. Rumble’s CEO, Chris Pavlovski, stated that the decision is to further involve the company in the crypto industry.
> “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 in a press release.
The company noted that future acquisitions would depend on market conditions, bitcoin’s price, and Rumble’s cash flow needs. Last year, leading stablecoin issuer Tether took a $775 million stake in the video-sharing platform.
Shares of Rumble closed down 2.38% over the last trading session and increased nearly 4% in pre-market trading to $8.1.
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