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

Public video-sharing platform Rumble said on Monday that it plans to allocate up to $20 million in Bitcoin to its crypto treasury.

Video sharing and cloud services provider Rumble said in a blog announcement on Nov. 25 that its board of directors has approved a strategy to diversify its corporate treasury by allocating up to $20 million of excess cash reserves into Bitcoin (BTC).

The Florida-based publicly traded company says the move aims to accelerate Rumble’s expansion into the crypto space. The company added that the allocation strategy “will include acquisitions of up to $20 million at the company’s discretion.”

Rumble CEO and president Chris Pavlovski stated that institutional interest and the increasing adoption of Bitcoin, driven by recent political developments in the US, were the key factors behind the decision. He added that BTC, in particular, “unlike any government-issued currency,” is not subject to “dilution through endless money printing,” making it a “valuable inflation hedge.” […].”

The timing of Bitcoin purchases remains uncertain as Bitcoin is still trying to break the $100,000 barrier. However, Rumble noted that the strategy remains flexible and can be changed, paused or terminated at any time.

Rumble’s move follows similar announcements from publicly traded companies seeking to leverage Bitcoin’s properties as a store of value and inflation-proof asset. Genius Group, an artificial intelligence firm, recently announced plans to allocate $4 million to crypto as part of its “Bitcoin-first” strategy.

Other companies, including MicroStrategy and Acurx, have expanded their Bitcoin holdings in search of long-term financial resilience. Additionally, Anixa Biosciences, a cancer-focused biotechnology company, announced its decision to allocate some of its treasury to Bitcoin on November 22, citing the asset’s unique qualities as a hedge against inflation.