Rumble, listed on NASDAQ as RUM, is stepping up its game in the crypto world. The video-sharing and cloud service provider recently bought about 188 Bitcoin, shelling out close to $17.1 million for this purchase, as part of their ongoing Bitcoin treasury initiative. With each Bitcoin fetching an average price of $91,000, this move signals Rumble’s commitment to eventually invest as much as $20 million in Bitcoin.
Rumble’s Chairman and CEO, Chris Pavlovski, didn’t hide his enthusiasm about this strategic investment. “We’re thrilled to add Bitcoin to our treasury as it represents not just a financial decision but a strategic leap in our crypto engagement,” Pavlovski commented. “Bitcoin holdings offer us a hedge against inflation, free from the overprinting that threatens many traditional currencies. As a prime platform for the crypto community, owning Bitcoin aligns perfectly with our mission and deepens our integration with crypto culture.”
This announcement comes on the heels of Rumble’s earlier communicated plan to diversify its corporate treasury holdings, a strategy given the green light by the Board of Directors. The crux of this initiative is to position Bitcoin as a cornerstone asset, fueling Rumble’s venture into digital realms while fortifying its fiscal roots.
Pavlovski elaborated on their outlook, saying, “We’re in the nascent stages of Bitcoin acceptance worldwide, spurting ahead with a favorable shift in the U.S. political landscape and growing institutional support. Unlike traditional currencies, Bitcoin stands immune to dilution from rampant printing, making it a robust safeguard against inflation. Strengthening our bond with the crypto sphere is not just exciting but essential as we push to lead in video and cloud services for the crypto community.”
Rumble highlighted that any future Bitcoin purchases will hinge on multiple conditions, like the overall market environment, Bitcoin’s current value, and the company’s cash flow needs. They emphasized that their strategy is adaptable and may be altered or halted as they see fit.
