Rumble Adds$ 15.5 Million in Bitcoin to Treasury

Video-sharing system Rumble added$ 17.1 million in Bitcoin to its business treasury‌, aligning itself with a grain of publicly traded companies that have added the nation’s oldest bitcoin to their balance sheets. &nbsp,

The Nasdaq-listed agency purchased about 188 Cryptocurrency for its government at an average rate of$ 91, 000 per gift, the company said Wednesday in a statement. The Bitcoin is now for about$ 15.5 million based on Wednesday’s rate. &nbsp,

The move forms part of Rumble’s plan to allocate up to$ 20 million of its excess cash reserves to Bitcoin. &nbsp,

” These investments have the potential to provide as a significant hedge against inflation and will not be content to dilution like so many unlike government-issued assets”, Rumble Chairman and CEO Chris Pavlovsk said in the speech. &nbsp,

reached out to Hum for further comment. &nbsp,

Rumble’s investment in Bitcoin comes as a growing number of publicly traded companies adopt a similar strategy to Strategy ( formerly MicroStrategy ), which pivoted its focus from software several years ago to become a Bitcoin treasury that now holds more than 444, 000 Bitcoin, according to crypto data provider CoinGecko. Tesla, and Semler Scientific are among those companies that have accumulated massive reserves of bitcoins in recent years. &nbsp,

Rumble announced its plan to put money into Bitcoin later last year, around the day the property sailed to an all-time large of almost$ 109, 000. &nbsp,

Although Bitcoin’s price has more than 20 % since then, according to CoinGecko data, the token rebounded above$ 83, 000 on Tuesday, amid pro-crypto regulatory developments in the U. S. &nbsp,

With Bitcoin’s rate down from earlier degrees, some companies are buying the fall. &nbsp, &nbsp,

Metaplanet, for instance, revealed Wednesday that it just allocated an extra$ 13.2 million of its resources to Bitcoin. And Srategy earlier this month introduced a plan to sell$ 21 billion in property to buy more Bitcoin. &nbsp,

In its speech, Rumble called Bitcoin a “valuable resource for proper planning” as it aims to develop into the crypto world.

” We are glad to actually carry Cryptocurrency as we continue to grow and engrain bitcoin into our agency’s DNA”, Pavlovsk said. &nbsp,

Rumble’s shares are trading at$ 7.94 as of writing time, up roughly 2 % in the past 24 hours.