Rumble, the popular YouTube alternative, has announced plans to invest up to $20 million of its excess cash reserves into Bitcoin.
This strategic move, revealed on 25 November 2024, marks a significant shift for the platform as it seeks to diversify its treasury.
The company’s board of directors has greenlit this decision, which will allow Rumble to accumulate Bitcoin at its discretion, depending on various factors such as the market conditions and the platform’s cash flow requirements.
Shares surged nearly 4% following the announcement, reflecting investor optimism about Rumble's bold step into the crypto space.
Rumble’s CEO, Chris Pavlovski, emphasised the company’s commitment to Bitcoin, stating,
“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.”
He also highlighted Bitcoin’s resilience in contrast to government-issued currencies, explaining,
“Unlike any government-issued currency, Bitcoin is not subject to dilution through endless money-printing, enabling it to be a valuable inflation hedge and an excellent addition to our treasury.”
The move aligns with the growing trend of companies diversifying their treasuries with Bitcoin, following the lead of organisations like MicroStrategy and Tesla.
Rumble intends to integrate cryptocurrency further into its ecosystem, with aspirations to become a key player in the crypto space, particularly in the video and cloud services sectors.
Chris Pavlovski is a Macedonian Canadian technology entrepreneur who founded Rumble in 2013.
Rumble’s stock saw an immediate boost after the announcement.
Shares rose by 12.63% during regular trading and continued climbing in after-hours trading, gaining another 5.47%.
The company’s bold Bitcoin strategy, which allows management to decide the timing and amount of purchases based on market conditions, is set to shape its financial future.
This decision comes shortly after CEO Chris Pavlovski hinted at the idea in a poll on social media, where 93.9% of respondents voted in favour of the proposal.
Despite the approval, Rumble made it clear that the strategy could be altered or halted at any time depending on market conditions and the company's financial needs.
Rumble’s decision is part of a broader trend of companies adding Bitcoin to their balance sheets.
MicroStrategy, led by Michael Saylor, holds 386,700 Bitcoin, worth nearly $38 billion, and other firms like Semler Scientific and Genius Group have also made significant investments in the cryptocurrency.
Rumble’s move comes at a time when institutional interest in Bitcoin is surging.
The company is positioning itself as a crypto-friendly platform, with plans to strengthen ties to the cryptocurrency community.
In doing so, Rumble aims to support its mission of building an independent infrastructure and promoting an open internet.
The company’s initiative highlights a long-term commitment to Bitcoin, positioning it not just as a store of value, but as a tool for strategic growth.
The funds will be used to further expand Rumble’s reach within the crypto space, with the aim of attracting a growing base of users interested in video and cloud services with fewer restrictions than mainstream platforms.
The platform already serves a user base of around 67 million monthly active users, many of whom align with its conservative content policies.
Rumble’s CEO summed up the company’s ambitions, saying,
“We are also excited to strengthen our ties with crypto and to bolster our efforts to become the leading video and cloud services platform for the crypto community.”
By integrating Bitcoin into its treasury, Rumble hopes to create more opportunities for growth while navigating the uncertain landscape of digital currencies.
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