Video-sharing platform Rumble has confirmed the purchase of a cache of BTC for $17 million, joining a growing list of firms embracing the asset. The purchase follows a blueprint to allocate a chunk of its corporate treasury to Bitcoin back in 2024.
Rumble Adds 188 BTC To Its Corporate Treasury For $17.1 Million
According to a press release, Rumble has purchased around 188 BTC to its treasury in line with its plans to diversify its holdings. Per the statement, the video-sharing company splurged 17.1 million on the purchase at an average price of $91,000 per token.
Back in 2024, Rumble disclosed plans to allocate 20 million from its corporate treasury to pursue a Bitcoin accumulation strategy. With around $3 million left, there are plans that the company will continue to bolster its holdings at the discretion of management.
“We are excited to announce these purchases and allocation of Bitcoin as part of our treasury strategy as well as a larger strategic move as we further expand our ties to the crypto industry,” said Rumble CEO Chris Pavlovski.”
The latest purchase will serve as an inflation hedge for Rumble while confirming a broader push to embrace cryptocurrencies. President Trump’s executive order for Strategic Bitcoin Reserve is tipped to trigger increased corporate interest in BTC.
“These holdings have the potential to serve as a valuable hedge against inflation and will not be subject to dilution like so many overprinted government-issued currencies,” added Pavlovski.
Corporate Interest in BTC Rises To An All-Time High
Rumble’s decision to add BTC to its balance sheets comes on the heels of frenetic accumulation activity by corporations. Over 70 publicly listed firms are holding 650,000 BTC in their corporate treasuries, confirming rising institutional interest.
Strategy, with its impressive holdings, is raising $21 billion for BTC purchases through share sales. MARA Holdings, Riot Platforms, and Metaplanet are steadily increasing the size of their Bitcoin holdings.
Aware of rising institutional interest, Bitwise OWNB ETF will provide exposure to companies holding at least 1,000 BTC via an index strategy.
Aliyu Pokima
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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