Video sharing platform Rumble to allocate up to $20m in Bitcoin for strategic growth
Public video-sharing platform Rumble said Monday it plans to allocate up to $20 million in Bitcoin for its crypto treasury.
Rumble, a video-sharing and cloud services provider, said in a blog announcement on Nov. 25 that its board had approved a strategy to diversify its corporate treasury by allocating up to $20 million of excess cash reserves to Bitcoin (BTC).
The Florida-headquartered public company says the move is meant to accelerate Rumble’s expansion into the crypto field. The company added that its allocation strategy “will include purchases, at the discretion of the company, of up to $20 million.”
Rumble chief executive officer and chairman Chris Pavlovski referred to the growing adoption of Bitcoin, driven by institutional interest and recent political developments in the U.S., as key factors behind the decision. He particularly noted that BTC “unlike any government-issued currency” is not subject to “dilution through endless money-printing,” adding that this feature makes it a “valuable inflation hedge […].”
The timing of Bitcoin purchases remains unclear as Bitcoin is still struggling to surpass the $100,000 mark. However, Rumble noted that the strategy remains flexible and may be modified, paused, or discontinued at any time.
Rumble’s move follows a wave of similar announcements from public companies seeking to leverage Bitcoin’s properties as a store of value and inflation-resistant asset. Genius Group, an artificial intelligence firm, recently disclosed plans to allocate $4 million to the crypto as part of its “Bitcoin-first” strategy.
Other companies, including MicroStrategy and Acurx, have expanded their Bitcoin holdings in pursuit of long-term financial resilience. Additionally, Anixa Biosciences, a cancer-focused biotech firm, announced on Nov. 22 its decision to allocate a portion of its treasury to Bitcoin, citing the asset’s unique qualities as a hedge against inflation.
