Rumble, a Toronto-headquartered video hosting, streamling and cloud platform, joins the corporate Bitcoin (BTC) purchasing mania. The statement about $17.1 million Bitcoin (BTC) added to the treasury comes 10 weeks after Tether’s investment in Rumble.
$17,100,000: Video platform Rumble confirms first BTC purchase
According to its official statement, Canada’s video streaming platform Rumble, disclosed its pioneering Bitcoin (BTC) purchasing. The company has added 188 Bitcoins (BTC) to treasury with an average price of $91,000 per coin, Rumble said in X.
In total, the company is going to allocate $20 million in Bitcoin (BTC), Rumble CEO Chris Pavlovski said in a press release.
The company bets big on Bitcoin (BTC) “as a valuable tool for strategic planning and reinforces the company’s expansion into cryptocurrency,” the team says.
Fueled by the announcement, Rumble’s RUM stocks are up by 2.7% in 24 hours on Nasdaq’s premarket. However, the X followers opined that the company might be getting exposure to Bitcoin (BTC) on too high prices.
As of press time, Bitcoin (BTC) is changing hands at $81,633. Rumble should be 10.33% underwater, with a negative paper PnL of $1.77 million.
Rumble jumps into top 40 corporate BTC holders
With this purchase, Rumble becomes the 40th largest corporate holder of Bitcoin (BTC), Bitcoin Treasuries tracker says. Rumble’s BTC holdings are equal to 0.60% of its net market cap.
As covered by U.Today previously, in December 2024, Rumble secured a whopping $775 million investment from Tether, the issuer of the world’s largest stablecoin, USDT.
Related
In the first batch, Tether transferred to Rumble $250 million in cash. As such, the company injected into Bitcoin (BTC) about 7% of the first Tether transfer.
In total, publicly listed companies are responsible for over 657,000 Bitcoins (BTC) worth $53 billion; it is 3.13% of the entire Bitcoin (BTC) supply.
