Video-sharing platform, Rumble, has announced its latest purchase of a cache of Bitcoin worth over $17 million. According to the firm’s management, Rumble added around 188 BTC to its reserve as part of its plans to diversify its assets.
The statement indicated that the video-sharing company spent approximately $17.1 million, purchasing the tokens at an average price of $91,000 per BTC.
In a statement in 2024, Rumble revealed its plans to set aside over $20 million from its reserve to kickstart a Bitcoin accumulation campaign. With approximately $3 million remaining from the funds, the firm has outlined its strategy to continue strengthening its holdings with utmost discretion.
Rumble CEO Chris Pavlovski expressed the company’s interest in expanding its reserve. He emphasized Rumble’s conviction of Bitcoin as a valuable tool for its expansion into cryptocurrency.
“These holdings have the potential to serve as a valuable hedge over inflation and would not be subject to dilution like many government-issued currencies,” said Rumble CEO Chris Pavlovski.
“As a leading video and cloud services platform for the crypto community,” he continued. “We are proud to officially hold Bitcoin as we continue to grow and engrain crypto into our company’s DNA.”
Bitcoin Sees Heightened Corporate Interest
Rumble’s rapid accumulation of Bitcoin follows increased BTC acquisitions by corporate firms and institutions. Currently, more than 70 firms hold over 650,000 BTC in total, confirming increased corporate interest.
Many large firms boast impressive holdings, including Strategy, formerly known as MicroStrategy, which boasts holdings of around 478,470 BTC. Platforms like Metaplanet and Riot Platforms continually add more BTC to their reserves.
For Rumble, the timing and value of further Bitcoin purchases will be duly regulated. According to the video-sharing company, the acquisition rules can be revised or amended anytime. This is mostly due to several factors, including Bitcoin’s price and the general market sentiment.
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