Tether now owns nearly 104.4 million Rumble shares based on available regulatory filings, valuing its stake at around $680 million at curren
Crypto News
Rumble shares jumped over 14% on Monday after stablecoin giant Tether disclosed it had acquired another 1 million shares of the video streaming platform last week. RUM recently changed hands at $6.51 following the purchase announcement.
SEC filings show Tether bought 1,063,670 additional RUM shares across three separate transactions last week at prices between $5.38 and $5.46. The purchases totaled approximately $5.75 million.
Tether now owns nearly 104.4 million Rumble shares based on available regulatory filings, valuing its stake at around $680 million at current prices. The stablecoin issuer initially invested $775 million in the YouTube rival last year, acquiring over 103 million shares at $7.50 each.
RUM spiked to $10.57 when Tether's initial investment was announced, representing roughly a 40% jump at the time. However, shares have declined steadily since January despite Monday's gains, resulting in nearly 50% losses year-to-date.
The companies have deepened their partnership beyond Tether's equity stake. Earlier this month, Tether agreed to back a deal allowing Rumble to acquire AI and high-performance computing firm Northern Data.
Tether will purchase $150 million worth of GPUs from Rumble to help create tools that empower content creators worldwide. The stablecoin issuer also committed to investing up to $100 million in advertising through Rumble to boost usage of its crypto wallet.
In October, the firms' CEOs appeared together at the Plan B Forum in Lugano, Switzerland, announcing plans to add a crypto tipping feature. The integration will allow Rumble users to tip creators with Bitcoin and USDT.
The Bitcoin tipping feature entered a testing phase in October and is expected to roll out fully by early to mid-December. Rumble has been strengthening its cryptocurrency connections since announcing the creation of a Bitcoin reserve last November, following Strategy's lead.
At the end of the third quarter, Rumble reported holding 210.82 Bitcoin, now valued at around $18.5 million. Bitcoin traded recently at $88,392, up approximately 1.9% over 24 hours.
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