Rumble Adopts Bitcoin Treasury Strategy, Will Buy $20M Worth of BTC

Online video platform Rumble has joined the Bitcoin (BTC) bandwagon and plans to purchase a significant portion of the digital asset in the future. In a press release on Monday, Rumble stated that its Board of Directors has approved a corporate treasury diversification strategy that involves using the company’s cash reserve to purchase Bitcoin.

Described as an “alt-tech,” Rumble is an online video platform that provides web hosting and cloud services. The platform’s cloud services business hosts Donald Trump’s Truth Social.

According to Rumble, the latest development is part of the company’s plan to accelerate its expansion into cryptocurrency and reinforces its belief in Bitcoin as a valuable tool for strategic planning.

Rumble to Purchase $20M Worth of BTC

The press release stated that the video platform will purchase up to $20 million worth of BTC as part of the plan.

Rumble noted that its management will determine the timing of the planned purchase based on several factors, including “general market and business conditions, the trading price of Bitcoin, and the anticipated cash needs” of the company. It added that the Bitcoin treasury strategy is subject to change and may be halted or modified at any time.

Commenting on the development, Rumble’s Chairman and CEO, Chris Pavlovski, expressed his excitement at the company’s expansion into crypto while acknowledging Bitcoin’s potential as a hedge against inflation.

“Unlike any government-issued currency, Bitcoin is not subject to dilution through endless money-printing, enabling it to be a valuable inflation hedge and an excellent addition to our treasury. We are also excited to strengthen our ties with crypto and to bolster our efforts to become the leading video and cloud services platform for the crypto community,” he said.

Joining the Bitcoin Bandwagon

Rumble has joined a host of major firms adopting the Bitcoin strategy in recent months. Last week, CoinTab reported that Japanese investment firm Metaplanet increased its Bitcoin holdings with the purchase of 124 BTC, worth 1.75 billion yen ($11.3 million).

Yesterday, medical technology company Semler Scientific topped up its Bitcoin portfolio with another 297 BTC, valued at $29.1 million.