Video-sharing platform Rumble announced on Monday, 25 November 2024, its decision to allocate up to $20 million of its excess cash reserves to Bitcoin. The company’s shares rose nearly 4% in after-hours trading following the announcement.
“We believe the world is still in the early stages of Bitcoin adoption,” Chris Pavlovski, Rumble’s chairman and CEO, said in a statement.
“Unlike government-issued currencies, Bitcoin is immune to dilution through excessive money printing, making it a valuable inflation hedge and a strong addition to our treasury.”
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Rumble Aims To Strengthen Ties With Crypto Community
Pavlovski also noted that the investment aligns with Rumble’s broader mission to strengthen ties with the crypto community. The platform aims to become a leading video and cloud services provider for the crypto ecosystem.
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, Rumble joins the ranks of companies like MicroStrategy, which pioneered a corporate Bitcoin-buying strategy in 2020.
Other notable firms such as Tesla, Block, Semler Scientific, and Acurx Pharmaceuticals have also added Bitcoin to their balance sheets in recent years. MicroStrategy’s success in tying its business to Bitcoin has driven its shares up by more than 500% in 2024.
BREAKING: Rumble Announces Bitcoin Treasury Strategy
“Rumble’s Bitcoin allocation strategy will include purchases, at the discretion of the company, of
up to $20 million.” pic.twitter.com/J40IuW1Nnp— Rumble 🏴☠️ (@rumblevideo) November 25, 2024
Rumble has garnered attention as a platform closely linked to Donald Trump, further amplified by his recent election victory.
The company went public in 2022 via a special purpose acquisition company led by Cantor Fitzgerald CEO Howard Lutnick, who was recently named Trump’s choice for U.S. Commerce Secretary. Rumble’s stock is up 63% this year, reflecting its growing influence.
Meanwhile, Bitcoin has seen significant volatility, retreating to around $93,000 after nearing the $100,000 milestone last week.
Still, analysts anticipate the flagship cryptocurrency will break the $100,000 barrier before year-end, continuing its 2024 rally, which has more than doubled its value.
The crypto-focused momentum extends to governmental levels.
Proposals for a national Bitcoin reserve, championed by figures like Sen. Cynthia Lummis (R-Wyoming) and comments from Trump about a potential national Bitcoin stockpile, suggest the cryptocurrency could play an increasingly prominent role in both corporate and governmental strategies.
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Healthcare Tech Firm Semler Increases Bitcoin Holdings To 1058 BTC
As reported, healthcare technology firm Semler Scientific has expanded its Bitcoin portfolio. It purchased an additional 47 BTC for $3 million. The acquisition brings the company’s total holdings to 1,058 BTC as part of its ongoing strategy to accumulate Bitcoin.
The company has positioned Bitcoin as its primary treasury asset. It purchased 141 BTC for $8.4 million in the third quarter alone. Semler’s strategy mirrors that of MicroStrategy, which holds 252,220 BTC, making it the largest public corporate holder of Bitcoin.
Likewise, Tokyo-listed Metaplanet has announced plans to bolster its Bitcoin holdings by issuing one-year ordinary bonds totaling 1.75 billion yen ($11.3 million) at an annual interest rate of 0.36%.
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