The video sharing platform listed at Nasdaq Rumble (RUM) has invested $ 17.1 million in Bitcoin (BTC), adding 188 BTC to its corporate treasure, the company announced.
The purchase was made at an average price of $ 91,000 per room.
This decision is part of the previously disclosed plan of Rumble to adopt a Bitcoin cash strategy and allocate up to $ 20 million from its cash reserves in Bitcoin. The CEO of Rumble, Chris Pavlovski, said that the decision was part of his additional participation in the cryptography industry.
“These assets have the potential to serve as precious coverage against inflation and will not be subject to dilution as so many currencies issued by the government,” Pavlovski said in a press release.
The company added that future acquisitions would be subject to factors such as market conditions, Bitcoin price and Rumble cash flow needs. At the end of last year, the first Stablecoin Tether issuer took a $ 775 million stake in the video sharing platform.
Rumble shares decreased by 2.38% in the last negotiation session and increased by almost 4% in negotiations before the market to $ 8.1.
