188 Bitcoins Acquired by Rumble for $17.1 Million

Rumble, a video hosting platform, has recently bought around 188 Bitcoins for $17.1 million, with an average price of $91,000 per coin.

This acquisition is part of Rumble's strategy to create a Bitcoin (BTC) treasury. The company revealed its intention to allocate up to $20 million to Bitcoin, highlighting its interest in expanding into the cryptocurrency market.

Chris Pavlovski, Rumble's CEO, discussed Bitcoin's role as a shield against inflation and its compatibility with the company's broader cryptocurrency-focused strategy.

"These holdings have the potential to act as a significant hedge against inflation and will not be susceptible to dilution like numerous government-issued currencies that are constantly being printed," Pavlovski stated.

Rumble, recognized for its video-sharing and cloud services, has positioned itself as a platform that caters to the cryptocurrency community. The company indicated that any future Bitcoin purchases will depend on market conditions, Bitcoin's price, and Rumble's financial requirements.

Investing in Bitcoin as a treasury asset

Rumble's decision to venture into the realm of cryptocurrency and Bitcoin reflects a growing trend among public companies like MicroStrategy and Marathon Digital, which are embracing Bitcoin as part of their treasury management strategies.

In December of last year, Tether invested $775 million in the platform, with a portion of the funds earmarked for growth initiatives.

In addition to its cryptocurrency investments, Rumble recently unveiled a cloud services partnership with the government of El Salvador, further strengthening its ties to the cryptocurrency sector.