Rumble

Bitcoin

Genius

Read

Public video-sharing platform&nbsp;Rumble said Monday it plans to allocate up to $20 million in Bitcoin for its crypto treasury.
Rumble, a video-sharing and cloud services provider, said in a <a href="https://corp.rumble.com/blog/rumble-announces-bitcoin-treasury-strategy/" target="_blank" rel="noopener noreferrer nofollow">blog announcement</a> on Nov. 25 that its board had approved a strategy to diversify its corporate treasury by allocating up to $20 million of excess cash reserves to Bitcoin (<a href="https://crypto.news/price/bitcoin/" target="_blank" rel="noopener noreferrer nofollow">BTC</a>).
The Florida-headquartered public company says the move is meant to accelerate Rumble’s expansion into the crypto field. The company added that its allocation strategy “will include purchases, at the discretion of the company, of up to $20 million.”
Rumble chief executive officer and chairman Chris Pavlovski referred to the growing adoption of Bitcoin, driven by institutional interest and recent <a href="https://crypto.news/tag/us-elections/" target="_blank" rel="noopener noreferrer nofollow">political developments</a> in the U.S., as key factors behind the decision. He particularly noted that BTC “unlike any government-issued currency” is not subject to “dilution through endless money-printing,” adding that this feature makes it a “valuable inflation hedge […].”
You might also like: <a rel="noopener noreferrer nofollow" href="https://crypto.news/bitcoin-mirrors-2020-bull-phase-cryptoquant-ceo-says/"> Bitcoin mirrors 2020 bull phase, CryptoQuant CEO says </a>
The timing of Bitcoin purchases remains unclear as Bitcoin is still struggling to surpass the $100,000 mark. However, Rumble noted that the strategy remains flexible and may be modified, paused, or discontinued at any time.
Rumble’s move follows a wave of similar announcements from public companies seeking to leverage Bitcoin’s properties as a store of value and inflation-resistant asset. Genius Group, an artificial intelligence firm, <a href="https://crypto.news/ai-firm-genius-group-boosts-bitcoin-treasury-with-14m-purchase/" target="_blank" rel="noopener noreferrer nofollow">recently disclosed</a> plans to allocate $4 million to the crypto as part of its “Bitcoin-first” strategy.
Other companies, including MicroStrategy and Acurx, have <a href="https://crypto.news/nasdaq-listed-antibiotics-developer-acurx-to-put-1m-in-bitcoin-on-balance-sheet/" target="_blank" rel="noopener noreferrer nofollow">expanded</a> their Bitcoin holdings in pursuit of long-term financial resilience. Additionally, Anixa Biosciences, a cancer-focused biotech firm, <a href="https://crypto.news/anixa-biosciences-expands-treasury-strategy-with-bitcoin/" target="_blank" rel="noopener noreferrer nofollow">announced</a> on Nov. 22 its decision to allocate a portion of its treasury to Bitcoin, citing the asset’s unique qualities as a hedge against inflation.
Read more: <a rel="noopener noreferrer nofollow" href="https://crypto.news/public-fitness-equipment-maker-interactive-strength-shares-rise-11-on-bitcoin-treasury-strategy/"> Public fitness equipment maker Interactive Strength shares rise 11% on Bitcoin treasury strategy </a>

Video sharing platform Rumble to allocate up to $20m in Bitcoin for strategic growth

crypto.news

Other articles published on Nov 26, 2024

Apple CEO Makes Bitcoin Statement! Will Apple Invest in BTC?

Jupiter Kicks Off Voting for Massive “Jupuary” Airdrops on Solana

Phantom Wallet Now Supports Base Blockchain

Ikeja DisCo emerges most-efficient in September as DisCos struggle with revenue collection

Suriname Candidate Maya Plans to Replace Dollar with Bitcoin

Crypto Market Panic: Is Bitcoin’s Bullish Trend Over?

Join our free newsletter for daily crypto updates!