Rumble Expands Bitcoin Holdings with $17.1M Purchase of 188 BTC
Video-sharing platform Rumble (NASDAQ: RUM) has deepened its commitment to Bitcoin by acquiring 188 BTC for $17.1 million, with an average purchase price of $91,000 per coin.
The investment aligns with Rumble’s previously announced strategy to allocate up to $20 million of its cash reserves to Bitcoin. CEO Chris Pavlovski underscored the importance of the move, citing Bitcoin’s role as a hedge against inflation and its resistance to monetary dilution.
“As inflation erodes the value of traditional currencies, Bitcoin remains a finite and secure asset,” Pavlovski said in a statement.
The company noted that additional Bitcoin purchases would be influenced by market conditions, price movements, and its financial strategy. The investment follows stablecoin issuer Tether’s $775 million stake in Rumble late last year.
Despite the announcement, Rumble’s stock declined 2.38% in the previous trading session but showed signs of recovery, gaining nearly 4% in pre-market trading to reach $8.10.
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