Rumble Acquires 188 BTC for $17.1 Million, Expanding Its Crypto Treasury

Video platform Rumble has purchased 188 BTC for $17.1 million, strengthening its push into the crypto space. The buy aligns with Rumble's $20 million bitcoin treasury strategy. By: A.R.M. Bakshi. Updated Apr 18, 2023.

Video platform Rumble has purchased 188 BTC for $17.1 million as part of its bitcoin treasury strategy, the company announced Monday.

The buy, which was made at an average price of $91,000 per BTC, comes as Rumble allocates up to $20 million into bitcoin.

“We are excited to announce these purchases and allocation of bitcoin as part of our treasury strategy,” said Rumble CEO Chris Pavlovski. “These holdings will not be subject to dilution and have the potential to serve as a valuable hedge against inflation. We are proud to officially hold bitcoin as we continue to grow and engrain crypto into our company’s DNA.”

The crypto investment comes on the heels of a $775 million investment from Tether (USDT) earlier this year. The deal signaled the first major intersection of Rumble’s creator-focused tech with the broader digital asset economy.

“[The investment] provides a valuable buffer against macroeconomic uncertainty and aligns with our commitment to transparent and community-driven financial practices,” the company stated.

The company added that it will factor in market conditions, bitcoin’s price action and its cash flow needs when deciding whether to make additional purchases.

“This strategy is flexible and may be adjusted or paused at management’s discretion,” it stated.

The company’s treasury strategy is part of a broader initiative to integrate cryptocurrency and blockchain technology into its business operations.

Earlier this year, Rumble launched its own cryptocurrency exchange, which allows users to buy, sell, and trade a variety of digital assets. The exchange is powered by blockchain technology and is designed to provide a secure and efficient platform for cryptocurrency trading.

“At its core, Rumble is a company that is built on the belief in empowering creators and giving them control over their content and their futures,” the company stated. “This vision aligns perfectly with the values of the cryptocurrency community, where individuals are empowered to make their own financial decisions and participate in a decentralized and transparent economic system.”

The company’s shares rose more than 3% in early trading on Monday.

output: Video platform Rumble has purchased 188 BTC for $17.1 million as part of its bitcoin treasury strategy, the company announced Monday.

The buy, which was made at an average price of $91,000 per BTC, comes as Rumble allocates up to $20 million into bitcoin.

“We are excited to announce these purchases and allocation of bitcoin as part of our treasury strategy,” said Rumble CEO Chris Pavlovski. “These holdings will not be subject to dilution and have the potential to serve as a valuable hedge against inflation. We are proud to officially hold bitcoin as we continue to grow and engrain crypto into our company’s DNA.”

The crypto investment comes on the heels of a $775 million investment from Tether (USDT) earlier this year. The deal signaled the first major intersection of Rumble’s creator-focused tech with the broader digital asset economy.

“[The investment] provides a valuable buffer against macroeconomic uncertainty and aligns with our commitment to transparent and community-driven financial practices,” the company stated.

The company added that it will factor in market conditions, bitcoin’s price action and its cash flow needs when deciding whether to make additional purchases.

“This strategy is flexible and may be adjusted or paused at management’s discretion,” it stated.

The company’s treasury strategy is part of a broader initiative to integrate cryptocurrency and blockchain technology into its business operations.

Earlier this year, Rumble launched its own cryptocurrency exchange, which allows users to buy, sell, and trade a variety of digital assets. The exchange is powered by blockchain technology and is designed to provide a secure and efficient platform for cryptocurrency trading.

“At its core, Rumble is a company that is built on the belief in empowering creators and giving them control over their content and their futures,” the company stated. “This vision aligns perfectly with the values of the cryptocurrency community, where individuals are empowered to make their own financial decisions and participate in a decentralized and transparent economic system.”

The company’s shares rose more than 3% in early trading on Monday.