Toronto-based video hosting platform Rumble joins the corporate Bitcoin investing trend with a $17.1 million purchase of Bitcoin.
Details of Bitcoin Purchase
According to the official statement, Rumble acquired 188 Bitcoins at an average price of $91,000 per coin. The company plans to allocate $20 million in total for Bitcoin purchases.
Rumble among Top Bitcoin Holders
With this purchase, Rumble becomes one of the top 40 corporate Bitcoin holders. Its Bitcoin assets constitute 0.60% of the company's market cap.
Impact of Purchase on Market and Rumble
The purchase led to a 2.7% increase in Rumble's stock in Nasdaq's premarket trading. Some users believe the purchase was made at a high price. As of press time, Bitcoin is priced at $81,633, indicating a paper loss for Rumble.
Rumble's Bitcoin investment underlines its strategic expansion into the cryptocurrency sector while impacting its financials and market position.
