Bitcoin Magazine

Rumble Secures $17.1 Million in Bitcoin for Treasury Strategy

Rumble (NASDAQ: RUM), a platform for video sharing and cloud services, has revealed its acquisition of about 188 Bitcoin, valued at roughly $17.1 million, as part of its announced Bitcoin treasury strategy. Purchased at an average of approximately $91,000 per coin, this investment is aligned with the company’s objective to funnel up to $20 million into Bitcoin holdings.

Rumble Boosts Treasury Strategy With .1 Million Bitcoin Acquisition

“We are thrilled to share our latest Bitcoin purchases as part of our treasury management approach and also as a significant strategic initiative to deepen our connections with the cryptocurrency sector,” stated Chris Pavlovski, Chairman and CEO of Rumble. “These Bitcoin assets could serve as an essential buffer against inflation, avoiding the risk of devaluation faced by numerous aggressively printed fiat currencies. As a prominent service provider in video and cloud solutions catering to the crypto community, we take pride in officially incorporating Bitcoin into our operations while we continue to integrate crypto into our corporate fabric.”

This announcement comes on the heels of Rumble’s previously unveiled treasury diversification strategy, which gained the approval of its Board of Directors. The goal of this strategy is to utilize Bitcoin as a strategic asset to expedite the company’s venture into digital currencies, all while enhancing its fiscal stance.

“We believe we are still in the nascent stages of Bitcoin adoption, which has been gaining momentum lately with the emergence of a pro-crypto U.S. presidential administration and an increase in institutional interest,” said Pavlovski. “Contrary to any government-sanctioned currency, Bitcoin is not vulnerable to devaluation through relentless monetary expansion, making it a potent safeguard against inflation and an exceptional addition to our treasury. We are also eager to strengthen our relationship with the crypto sector and bolster our commitment to being the leading video and cloud platform for the cryptocurrency community.”

Rumble remarked that the timing and value of any forthcoming Bitcoin acquisitions will be contingent upon various elements, including current market conditions, Bitcoin’s price fluctuations, and Rumble’s anticipated financial needs. The company indicated that its strategy will remain adaptable, with the possibility for changes, pauses, or cessation depending on the company’s judgment.

This content about Rumble Secures $17.1 Million in Bitcoin originally appeared on Bitcoin Magazine and was authored by Nik.