Rumble Makes First Bitcoin Purchase in its $20 Million Plan
The post Rumble Makes First Bitcoin Purchase in its $20 Million Plan appeared on BitcoinEthereumNews.com.
Rumble, Canada’s largest video-sharing platform with over 50 million users, has announced its first Bitcoin purchase as part of its financial reserve strategy. The company invested $20 million and indicated plans to expand its Bitcoin holdings in the future. This move reflects a growing trend among public companies adopting Bitcoin as a reserve asset. Rumble Joins a Growing List of Public Companies Buying Bitcoin Following the announcement, Rumble’s stock surged by more than 5%. The publicly traded and valued at $3.6 billion company joins a list of other firms integrating Bitcoin into their financial strategies. These include MicroStrategy, Semler Scientific, Marathon Digital, and Metaplanet, which have all implemented similar approaches. Rumble Stock Price Daily Chart. Source: Google Finance Rumble initially outlined its Bitcoin strategy in November 2024. The platform’s CEO, Chris Pavlovski, reportedly discussed it with MicroStrategy’s Michael Saylor. This latest purchase marks the company’s first tangible step in that direction. The move aligns with a broader market trend of publicly listed companies adopting Bitcoin as a reserve asset. These firms are increasingly being regarded as proxies for Bitcoin, attracting attention amid Bitcoin’s accelerating growth throughout the past year. Rumble’s Bitcoin purchase comes shortly after a significant investment from Tether, the leading stablecoin issuer. In December, Tether committed $775 million to Rumble. Tether has experienced substantial growth, with profits surpassing $10 billion in 2024. It also announced plans to relocate its headquarters to El Salvador because of its crypto-friendly policies. Additionally, El Salvador’s president, Nayib Bukele, has invited Rumble to establish operations in the country, potentially aligning with its expanding Bitcoin strategy. Meanwhile, other companies are ramping up their Bitcoin purchases. Marathon Digital (MARA) recently added $1.1 billion in Bitcoin to its reserves. Top 10 Public Companies that Hold Bitcoin. Source: Bitcoin Treasuries Overall, MicroStrategy, by far, remains the largest…
Filed under: News - @ January 20, 2025 5:18 pm