Rumble, a leading video and cloud services platform, plans to invest up to $20 million of its cash reserves into Bitcoin.
This move is part of the company’s broader strategy to diversify its treasury holdings and strengthen its presence in the crypto ecosystem.
BREAKING: Rumble Announces Bitcoin Treasury Strategy
“Rumble’s Bitcoin allocation strategy will include purchases, at the discretion of the company, of
up to $20 million.” pic.twitter.com/J40IuW1Nnp— Rumble 🏴☠️ (@rumblevideo) November 25, 2024
In today’s news on bitcoin, Rumble CEO Chris Pavlovski emphasized Bitcoin’s potential as an inflation hedge, citing its resistance to the effects of excessive money printing. Pavlovski described Bitcoin as an excellent addition to Rumble’s treasury, aligning with the company’s belief in the cryptocurrency’s long-term value and adoption.
Rumble’s decision follows similar strategies employed by companies like MicroStrategy, Tesla, and Block, all of which have incorporated Bitcoin into their financial operations. Bitcoin’s impressive performance in 2024, with its price more than doubling and nearing the $100,000 milestone, has reinforced its appeal as an asset. Rumble also views this step as a way to bolster its reputation within the crypto community.
Rumble says its Bitcoin acquisition strategy will be flexible, with purchases depending on market conditions, trading prices, and liquidity needs. The company retains the ability to adjust or suspend the strategy as required.
The market reacted positively to the announcement, with Rumble’s stock price rising nearly 13% on the news, currently trading at $7.31. The company’s shares have gained 63% this year, driven by its growing user base and perceived alignment with pro-crypto policies under the current U.S. administration.
As reported by The Crypto Basic, On November 19, 2024, Rumble CEO Chris Pavlovski initiated a discussion on X (formerly Twitter) about potentially adding Bitcoin to the company’s balance sheet. He conducted a poll to gauge public opinion on creating a strategic Bitcoin reserve. MicroStrategy Chairman and Bitcoin advocate Michael Saylor responded affirmatively, offering to guide Pavlovski through the acquisition process.
DisClamier: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
