Rumble to invest up to $20 million in Bitcoin from its cash reserves
Key Takeaways
- Rumble plans to invest $20 million in Bitcoin to diversify its corporate treasury.
- Bitcoin is viewed by Rumble as a strategic asset and an effective inflation hedge.
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Rumble plans to invest up to $20 million of its excess cash reserves in Bitcoin as part of a new corporate treasury diversification strategy, the video-sharing and cloud services platform announced.
The Nasdaq-listed company’s board approved the allocation, which aims to position Bitcoin as both a strategic asset and inflation hedge in its treasury.
“We believe that the world is still in the early stages of the adoption of Bitcoin, which has recently accelerated with the election of a crypto-friendly US presidential administration and increased institutional adoption,” said Chris Pavlovski, Rumble’s Chairman and CEO.
The company plans to integrate crypto into its ecosystem as it aims to become a leading video and cloud services platform for the crypto community.
The initiative supports Rumble’s mission to build independent infrastructure and promote an open internet.
Bitcoin purchases will be executed at management’s discretion, considering market conditions, Bitcoin’s trading price, and the company’s cash flow requirements.
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Author: Estefano Gomez
