Nasdaq-listed video-sharing platform Rumble (RUM) has invested $17.1 million in bitcoin (BTC) including 188 BTC to its company treasury, the corporate introduced.
The acquisition was made at a median worth of $91,000 per coin.
The transfer is a part of Rumble’s beforehand disclosed plan to undertake a bitcoin treasury technique and allocate as much as $20 million of its money reserves to bitcoin. Rumble’s CEO Chris Pavlovski stated the choice was a part of its additional involvement within the crypto business.
“These holdings have the potential to function a priceless hedge towards inflation and won’t be topic to dilution like so many overprinted government-issued currencies,” Pavlovski stated in a press launch.
The corporate added that future acquisitions can be contingent on components akin to market circumstances, bitcoin’s worth, and Rumble’s money stream wants. Late final yr, main stablecoin issuer Tether took a $775 million stake within the video-sharing platform.
Shares of Rumble closed down 2.38% during the last buying and selling session and have been up practically 4% in pre-market buying and selling to $8.1.
