Key Points
- Rumble, a Tether-backed video-sharing platform, has made its inaugural Bitcoin purchase.
- The acquisition is part of Rumble’s long-term strategy to bolster its treasury with the leading cryptocurrency.
Rumble, a video-sharing platform supported by Tether and listed on Nasdaq, has acquired Bitcoin for the first time. The news of this acquisition was confirmed by the company’s CEO, Chris Pavlovski, who stated that it took place on Friday, January 17.
The exact quantity of Bitcoin (BTC) bought was not revealed. However, Pavlovski stressed that this acquisition marks the start of Rumble’s ongoing plan to fortify its treasury with the prime cryptocurrency.
Bitcoin Reserve and Investment Strategy
This move by Rumble mirrors a broader trend among public companies like MicroStrategy and Marathon Digital. These firms are incorporating Bitcoin into their treasury management strategies.
Such companies have caught the attention of investors who see their stocks as a means of gaining exposure to Bitcoin. Rumble, with its 67 million active monthly users, is positioning itself as a credible alternative to platforms such as YouTube, due to its more lenient content moderation policies.
In December, Tether invested $775 million in Rumble, with some of the funds earmarked for growth initiatives.
Rumble’s Bitcoin acquisition comes at a time of growing interest in cryptocurrency across various sectors, along with the platform’s increasing influence in political and media circles.
Rumble has also recently announced a cloud services partnership with the government of El Salvador, further strengthening its ties to the crypto world.