Rumble announced on March 12 that it bought Bitcoin at an average cost of $91,000 for each rolling coin as the most recent iteration of a multi-faceted approach to incorporating crypto into its business.
CEO Chris Pavlovski had announced that Rumble intended to purchase up to $20 million in Bitcoin. Rumble made its first round of purchases on January 20, the day of President Trump’s inauguration, but did not disclose the total amount purchased then.
“The actual timing and value of additional Bitcoin purchases, if any, will be determined by management at its discretion,” Rumble said. The company also clarified that this “Bitcoin allocation strategy may be modified, suspended, or discontinued at any time.”
Depending on market conditions, the company can also continue to purchase Bitcoin for cash needs.
“These holdings have the potential to serve as a valuable hedge against inflation and will not be subject to dilution like so many overprinted government-issued currencies,” stated Pavlovski. “We are proud to officially hold Bitcoin as we continue to grow and engrain crypto into our company’s DNA.”
Rumble has even stronger backing for its crypto ambitions, with $775 million from Tether, the largest stablecoin issuer worldwide. Of this funding, $250 million will be divided between growth initiatives, which will include Rumble cloud services.
Earlier this year, on January 10, the company signed a cloud services agreement with the Government of El Salvador. It also contains Donald Trump’s social media app Truth Social.
Bitcoin and other cryptocurrencies have plummeted sharply since the post-election rally as macroeconomic fears of recession and inflation from the new Trump administration’s proposed tariffs have taken their toll.
Despite this, institutional Bitcoin adoption remains strong. As a sign of publicly traded companies’ recognition of Bitcoin as a financial asset, Rumble now joins the ranks of major corporations, like Metaplanet, that have chosen to hold Bitcoin in their treasury.
