Rumble Invests $17.1 Million in Bitcoin, Acquiring 188 BTC
Rumble (RUM), a Nasdaq-listed video-sharing platform, has invested $17.1 million in bitcoin, acquiring 188 BTC at an average price of $91,000 per coin.
This investment is part of Rumble's strategy to allocate up to $20 million of its cash reserves to bitcoin. CEO Chris Pavlovski stated that these holdings could provide a hedge against inflation and will avoid dilution from overprinted currencies.
Future acquisitions will depend on market conditions, bitcoin prices, and the company's cash flow needs. Recently, Tether acquired a $775 million stake in Rumble.
Currently, Rumble shares declined by 2.38% in the last trading session but rose nearly 4% in pre-market trading, reaching $8.1.