Rumble, known for its video and cloud services, has officially purchased Bitcoins worth $17.1 million.
Rumble's Bitcoin Purchase
Rumble added 188 Bitcoins to its treasury at an average price of about $91,000 per coin. This purchase follows the company's announcement to establish a Bitcoin Treasury, allocating $20 million to this project.
Expanding Ties to the Crypto Industry
According to the company's Chairman and CEO, Chris Pavlovski, the investments in BTC are part of a broader strategy to expand its ties to the crypto industry. Pavlovski highlighted that Bitcoin holdings can serve as a valuable hedge against inflation and are not subject to dilution like many fiat currencies.
Potential for More Purchases
The company's official press release also mentioned that the timing and value of additional BTC purchases will be determined by management and depend on several factors, including general market conditions, trading price, and anticipated cash needs. It also stated that their strategy might be modified, discontinued, or paused at any time.
Rumble's investment in Bitcoin highlights their strategic vision and effort to strengthen their position in the crypto market.
