Video sharing platform Rumble has announced its decision to purchase Bitcoin 
$81,871 as part of its corporate treasury strategy. The company stated that this move aims to diversify its portfolio and provide a hedge against inflation.
Bitcoin Acquisition Details
Rumble has added approximately 188 Bitcoins to its portfolio for $17.1 million. The transaction was executed at an average price of $91,000 per BTC. This decision aligns with the company’s announced plan to invest $20 million in Bitcoin in 2024.
Growing Corporate Interest
Rumble’s action reflects the increasing corporate interest in Bitcoin. It is known that over 70 publicly traded companies hold a total of 650,000 Bitcoins in their corporate treasuries, with other major firms adopting similar strategies. Companies aim to expand their projects and increase their crypto asset portfolios.
The investment plan set for 2024 forecasts that approximately $3 million will be activated based on management preferences. This strategy is expected to positively contribute to the company’s financial balance in the long term.
“We are excited to announce these purchases and the inclusion of Bitcoin in our corporate treasury strategy. We are taking strategic steps to strengthen our presence in the crypto sector.” – Chris Pavlovski, CEO of Rumble
The company’s evaluation of Bitcoin as a hedge against inflation highlights its resilience against currency devaluation, unlike state-issued currencies. This approach has caught the attention of other firms pursuing similar strategies in the crypto asset space.
Rumble’s Bitcoin acquisition is assessed within the context of market dynamics and growing corporate interest. It is projected that the strategy could reflect positively on the company’s financial structure and its position in the market in the coming periods.
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.
