Video-Sharing Platform Rumble Allocates $20M in Bitcoin for Its Crypto Treasury

The video-sharing and cloud services company announced yesterday that its board has approved a strategy to diversify its corporate treasury by allocating up to $20 million of spare cash to Bitcoin.

Video-sharing platform Rumble (NASDAQ:RUM) has announced that it plans to allocate up to $20 million in Bitcoin (CRYPTO:BTC) for its crypto treasury. The move comes as the company looks to diversify its corporate treasury and capitalize on the growing institutional adoption of Bitcoin.

The board of directors has approved the strategy, which will see the company allocate a portion of its spare cash to Bitcoin, the announcement said on Wednesday.

“We believe that the world is still in the early stages of the adoption of Bitcoin, which has recently accelerated with the election of a crypto-friendly U.S. presidential administration and increased institutional adoption. 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,” said Rumble Chairman and CEO Chris Pavlovski.

The move comes as Bitcoin has largely failed to breach the $100,000 level, despite hitting record highs in recent months. The strategy is flexible and may be paused or discontinued at any time, Rumble said.

Rumble joins the ranks of MicroStrategy (NASDAQ:MSTR) and other corporate firms investing in Bitcoin and setting up strategic reserves. MicroStrategy, the largest corporate holder of Bitcoin, had 122,474 BTC in its treasury, as of March 31, while the total market value of its Bitcoin holdings stood at $386,700 at the end of the first quarter.

Other Firms Investing In Crypto

Anixa Biosciences (NASDAQ:ANIX), a cancer-focused biotech firm, announced on Nov. 22 its decision to allocate a portion of its treasury to Bitcoin, highlighting the crypto asset’s ability to serve as a perfect hedge against inflation.

The move comes after the company announced in August that it had sold 100,000 shares of its common stock to a single institutional investor for $10 million in gross proceeds.

Related Link: Institutions May Be Dumping Bitcoin, But Here's Why That's Actually Bullish For The Crypto

Bitcoin Price Action: At last check Thursday morning, Bitcoin was trading at $84,963.31, up 0.07% over 24 hours.