The video-sharing platform Rumble has announced plans to diversify its corporate treasury by allocating a portion of its excess cash reserves to Bitcoin. The company’s Board of Directors approved the new strategy, which could see Rumble invest up to $20 million in the cryptocurrency.
With the latest Bitcoin investment announcement, the video sharing platform is looking to strengthen ties with the cryptocurrency community.
Rumble CEO and Chairman, Chris Pavlovski, hinted at the possibility of adding Bitcoin to the company’s balance sheet through a poll on X on November 19. The poll received 43,790 votes, with 93.9% of participants supporting the idea.
“The world is still in the early stages of Bitcoin adoption”
In a statement, Chris Pavlovski, explained the rationale behind the decision, emphasizing Bitcoin’s unique advantages over traditional government-issued currencies. Pavlovski said:
“We believe that the world is still in the early stages of Bitcoin adoption, which has accelerated with a crypto-friendly U.S. administration and increased institutional interest. Unlike fiat currencies, Bitcoin is not subject to inflationary pressures from government money-printing, making it a valuable hedge.”
Rumble’s new Bitcoin allocation strategy will provide the company with flexibility, allowing it to make purchases at its discretion, depending on market conditions and business needs.
The timing and value of these acquisitions will be assessed on factors such as Bitcoin’s price and Rumble’s cash requirements. However, the strategy can be modified or suspended at any time.
Rumble has joined a growing number of companies adding Bitcoin to their balance sheets this year. Leading the pack is Michael Saylor’s MicroStrategy, holding 331,200 Bitcoin valued at approximately $36 billion. Meanwhile, Bitcoin mining firm MARA Holdings, formerly Marathon Digital, announced on Nov. 18 that it is raising $700 million through convertible senior notes to acquire more Bitcoin.
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