Rumble Video Platform Purchases $17.1 Million in Bitcoin

# Rumble Enhances Cryptocurrency Strategy with $17.1 Million Bitcoin Investment Rumble, the video-sharing platform, has added $17.1 million worth of Bitcoin to its corporate treasury, joining the ranks of publicly traded companies that include the world's oldest cryptocurrency on their balance sheets, according to a report by Decrypt on the 13th. The Nasdaq-listed company disclosed on the 8th that it had acquired approximately 188 Bitcoins at an average price of $91,000 per Bitcoin. The current value of this Bitcoin holding is estimated at around $15.5 million. Rumble made the purchase as part of its plan to allocate up to $20 million of surplus cash to Bitcoin. "This asset could serve as a valuable hedge against inflation and won't be diluted like overly issued government-issued currencies," said Rumble Chairman and CEO Chris Pavlovski in a statement. # Rumble Strengthens Cryptocurrency Strategy with Bitcoin Investment Rumble's Bitcoin acquisition comes amid a growing trend of publicly traded companies adopting Bitcoin as an asset. Notably, MicroStrategy, which shifted its focus from software to Bitcoin assets, currently holds over 444,000 Bitcoins. Tesla and Semler Scientific are also among the companies that have accumulated significant Bitcoin holdings in recent years. Rumble announced its plan to invest in Bitcoin late last year, coinciding with Bitcoin reaching an all-time high of approximately $109,000. Although Bitcoin's price has since fallen by more than 20%, it recently rebounded to $83,000 amid pro-cryptocurrency regulatory moves in the United States. # Rumble Expands into the Cryptocurrency World In a statement, Rumble referred to Bitcoin as a "valuable tool for strategic planning" and revealed its goal to expand into the cryptocurrency world. "We take pride in officially holding Bitcoin as the company grows and engrains cryptocurrency deeply into its DNA," said CEO Chris Pavlovski. Meanwhile, Rumble's stock price stood at $7.94 at the time of writing, marking an approximate 2% increase over the past 24 hours.