Nasdaq-listed video-sharing platform Rumble (RUM) has invested $17.1 million in bitcoin (BTC) adding 188 BTC to its corporate treasury, the company announced.
Nasdaq-listed video-sharing platform Rumble (NASDAQ:RUM) has revealed an investment of $17.1 million in bitcoin (BTC), incorporating 188 BTC into its corporate treasury, the company announced.
The purchase was made at an average price of $91,000 per coin.
This move follows through on Rumble’s previously mentioned plan to adopt a bitcoin treasury strategy and allocate up to $20 million of its cash reserves to bitcoin.
It also continues Rumble’s involvement in the crypto industry.
“These holdings will not be subject to dilution like so many overprinted government-issued currencies and have the potential to serve as a hedge against inflation,” said Rumble CEO Chris Pavlovski.
Future bitcoin acquisitions will depend on factors including market conditions, bitcoin’s price, and Rumble’s cash flow needs. Late last year, leading stablecoin issuer Tether took a stake in the video-sharing platform.
Shares of Rumble closed down 2.38% over the last trading session and were up nearly 4% in pre-market trading at $8.1.
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