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.
Ross Ulbricht, founder of Silk Road, was granted a full pardon by President Trump after 11 years in prison. He expressed gratitude for his release and is now focused on reuniting with his family and rebuilding his life.
JoyStandard Chartered encouraged investors to buy Bitcoin during price dips, projecting it could reach $200,000 by 2025. The bank attributed recent market corrections to regulatory uncertainty but expects institutional investments to drive future growth.
AnaisDonald Trump granted a full pardon to Ross Ulbricht, the Silk Road founder, after over ten years in prison. The pardon was announced on 22 January, fulfilling Trump’s campaign promise.
JoyAn Australian couple has made the local headlines by putting their home in Ballarat up for sale in a BTC only auction. The couple, Melissa Bower and Trudy Purcell initially wanted to renovate the old miners' cottage into something "magnificent", but it proved to be a harder task than the couple thought. But why did they choose Bitcoin specifically?
XingChiArthur Hayes is skeptical about Donald Trump's plan to establish a U.S. Bitcoin reserve, questioning its practicality and priority among other government needs. Despite Trump's past interest in crypto, Hayes believes the Bitcoin reserve is unlikely to happen, as other political concerns will take precedence.
JoyThe Trump administration omitted cryptocurrency from its priority list and inaugural speech, triggering an over 30% drop in Trump’s meme coin. While optimism persists, concerns over long-term support are growing.
CatherineBitcoin has hit a new all-time high of $109,000, driven by optimism ahead of President-elect Trump’s 20 January inauguration. As speculation grows over potential crypto-friendly policies, the question remains—can Bitcoin sustain its momentum and climb even higher?
KikyoA South Korean man, Lee, was sentenced to four years in prison for leaking military secrets to North Korean hackers in exchange for 14 Bitcoins, worth around $480,000. This breach, involving the recruitment of a military officer to provide classified documents, raised serious national security concerns.
Anais52% of Americans have sold traditional investments like stocks and gold to buy Bitcoin, reflecting growing interest in digital assets. The crypto market is expanding rapidly, with younger generations leading the way and many expecting further growth in the coming years.
AnaisCoinbase has relaunched Bitcoin-backed loans via Morpho on its Ethereum layer-2 network, Base. With a $100,000 USDC cap and a 133% collateral requirement, the offering ensures lender protection while supporting borrowers.
KikyoBinance Launchpool will launch the 50th project Ethena (ENA). What is the valuation of Ethena (ENA)?
JinseFinanceThe decentralized exchange holds over $390 million in locked tokens as of Tuesday.
CoindeskChoose life. Choose a decentralised internet. Choose yield farms ticking away from your daily activities. Choose an endless metaverse of ...
BitcoinistWe've seen play-to-earn and move-to-earn, now it's time for wear-to-earn — and these 10,000 NFTs can be redeemed for distinctive physical T-shirts.
Cointelegraphearn it
链向资讯Take an in-depth look at the "move-to-earn" hit STEPN, and explore whether its token economy will suffer a similar fate to previous pay-to-earn games.
链向资讯The number of Web3 to Earn projects on the market is increasing every day, and they are subtly embedded in life, involving every aspect of our lives.
FtftxThis article will talk about these innovations and how the Web3 to Earn project has more vitality.
FtftxWhat is the essence of X to Earn? Does everything really need to Earn?
链向资讯Does it look like the move-to-earn games are the next big thing in the gaming sector? Genopets and Dustland Runner, STEPN and others are making moves to make it happen.
Cointelegraph