Rumble to Acquire Up to $20 Million in Bitcoin for New Treasury Strategy

Video platform Rumble, known for its conservative-leaning content, made an exciting announcement on Monday evening. The company revealed its plan to invest up to $20 million in bitcoin as part of a new treasury strategy. This decision caused shares to rise nearly 4% in extended trading.

Rumble’s chairman and CEO, Chris Pavlovski, explained the rationale behind this move, stating, “We believe that the world is still in the early stages of the adoption of bitcoin. Unlike government-issued currencies, bitcoin is not subject to dilution through endless money-printing, making it a valuable inflation hedge and a great addition to our treasury.” He also expressed enthusiasm about strengthening ties with the crypto community to position Rumble as a leading video and cloud services platform for crypto enthusiasts.

This strategic shift aligns Rumble with other notable companies like MicroStrategy, known for its aggressive bitcoin-buying strategy since 2020. MicroStrategy’s success has led its shares to surge more than 500% in 2024, serving as a proxy for bitcoin. Tesla and Block have also dabbled in bitcoin purchases, as well as smaller companies like Semler Scientific and Acurx Pharmaceuticals, who followed suit this year.

Rumble, often associated with former President Donald Trump’s supporters, went public in 2022 and is led by Cantor Fitzgerald CEO Howard Lutnick. Recently, Lutnick was chosen by President-elect Trump as the U.S. Commerce Secretary. With a successful year so far, Rumble has seen its stock rise nearly 63% and gain 42% over the past year.

While bitcoin experienced a slight dip on Monday, hovering around $93,000 after nearly hitting the $100,000 milestone last week, it is expected to reach $100,000 before the year ends. With Trump’s administration anticipated to support cryptocurrencies, investors are keeping an eye on companies like Rumble that are joining the trend. MicroStrategy chairman Michael Saylor even mentioned plans to present his bitcoin treasury strategy to Microsoft’s board in December.

Moreover, the interest in bitcoin has extended to the government level, with Sen. Cynthia Lummis proposing a national strategic bitcoin reserve and Trump himself hinting at a possible national bitcoin stockpile earlier this year.

As the crypto world continues to evolve, it’s clear that bitcoin is becoming an increasingly prominent asset for companies across various industries. Stay tuned for more updates on this evolving trend.