Video Hosting Platform Rumble Acquires 188 BTC for $17.1 Million
Earlier, the video hosting service announced its intention to allocate up to $20 million for Bitcoin.
Francisco Rodriguez | Edited by Parikshit Mishra Updated Mar 12, 2025 15:54 UTC Published Mar 12, 2025 13:21 UTC
What you should know:
- Rumble purchased 188 Bitcoin at an average price of $91,000 per coin
- The move is in line with the company's broader push into the cryptocurrency space.
- Late last year, Tether invested $775 million in the company.
Nasdaq-listed video hosting platform Rumble (RUM) has invested $17.1 million in bitcoin (BTC), adding 188 BTC to its corporate coffers, the company said.
The purchase was made at an average price of $91,000 per coin.
The move is part of Rumble’s previously announced plan to implement a Bitcoin treasury strategy and allocate up to $20 million of its cash reserves to purchase Bitcoin. Rumble CEO Chris Pawlowski noted that the decision is part of its growing involvement in the crypto industry.
“These assets can provide a reliable hedge against inflation and are not subject to dilution like many printed government currencies,” Pawlowski said in a press release.
The company added that future acquisitions would depend on factors such as market conditions, the price of bitcoin, and Rumble’s cash flow needs. Leading stablecoin issuer Tether acquired a $775 million stake in the video platform late last year.
Rumble shares closed 2.38% lower in the latest trading session but were up nearly 4% in pre-market trading to $8.10.
