Video-sharing platform Rumble has announced purchasing 188 Bitcoin (BTC) for $17.1 million. The acquisition was made at an average price of $91,000 per Bitcoin, making it part of the company’s larger strategy to integrate digital assets into its financial structure.
Rumble’s decision to add Bitcoin to its balance sheet aligns with its previously announced plan to allocate up to $20 million toward the leading cryptocurrency. The company views BTC as a long-term asset with the potential to act as a safeguard against inflation and stands out from traditional currencies that can be devalued through excessive issuance.
Chris Pavlovski, CEO of Rumble, said the move reflects the company’s belief in Bitcoin’s role as a stable and resilient asset. In a press release, he noted:
We are excited to announce these purchases and allocation of Bitcoin as part of our treasury strategy as well as a larger strategic move as we further expand our ties to 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.
The company has indicated that any future Bitcoin purchases will depend on market conditions, pricing trends, and internal financial considerations.
Rumble’s involvement in Bitcoin comes at a time when institutional demand for Bitcoin is ramping up, even at times when the market is getting hit with massive volatility.
More firms (and even countries) are looking to add Bitcoin into treasuries. Notable recent Bitcoin acquisitions include those by Ming Shing, which recently bought $27M worth of BTC. Similarly, Norway’s sovereign wealth fund, NBIM, grew its BTC exposure by 153% over the year.
Japanese firm Metaplanet recently revealed its plans of increasing its Bitcoin holdings to 10,000.
The market reaction to Rumble’s Bitcoin purchase has been mixed. While the company’s stock initially saw a slight dip, it rebounded in pre-market trading, according to data from Google Finance.
