Rumble (Nasdaq: Rum), the video sharing platform and the cloud service provider, announced the purchase of about 188 bitcoins, evaluated at approximately $ 17.1 million, as part of its previously popular Bitcoin treasure strategy. Acquired at an average price of about $ 91,000 per currency, this purchase is part of the company’s plan to allocate up to $ 20 million in Bitcoin.
“We are excited to announce these purchases and the allocation of Bitcoin as part of our treasure strategy and a wider strategic move while we further expand our links with the cryptocurrency industry,” said Chris Pavlovski, president and CEO of Rumble. “These participations have the potential to serve as a precious coverage against inflation and will not be subject to dilution as many currencies issued by the government too printed. As the main platform for video and cloud services for the Crypto community, we are proud to officially keep Bitcoin while we continue to grow and affect the cryptocurrency in the DNA of our company. “
The announcement follows the diversification strategy of the previously disclosed corporate treasure of Rumble, approved by its board of directors. The strategy aims to exploit Bitcoin as a strategic resource to accelerate the expansion of the company in digital activities while strengthening its financial position.
“We believe that the world is still in the early stages of the adoption of Bitcoin, which has recently accelerated with the election of an American cryptographic presidential administration and greater institutional adoption,” said Pavlovski. “Unlike any currency issued by the government, Bitcoin is not subject to dilution through infinite money printing, allowing it to be a precious hedge for inflation and an excellent addition to our treasure. We are also excited to strengthen our links with Crypto and to strengthen our efforts to become the main video and cloud service platform for the cryptocurrency community. “
The company has observed that the effective times and value of any future Bitcoin acquisitions will depend on various factors, including the general market conditions, the Bitcoin trading price and the liquidity needs expected by Rumble. Rumble has declared that their strategy will remain flexible and can be modified, suspended or suspended at any time based on the discretion of the company.