Key Takeaways
- Rumble plans to invest up to $20 million in bitcoin.
- The move follows similar strategies by companies like MicroStrategy.
- Bitcoin has doubled in value in 2024, nearing the $100,000 mark.
Rumble, a video platform popular among conservatives, has announced plans to allocate up to $20 million of its cash reserves to bitcoin.
The company shared its new treasury strategy on Monday evening, with its stock climbing nearly 4% in after-hours trading.
Rumble Chairman and CEO Chris Pavlovski said in a statement:
We believe that the world is still in the early stages of the adoption of bitcoin.
Bitcoin as a hedge
Highlighting bitcoin’s immunity to dilution from monetary policies, Pavlovski described it as a “valuable inflation hedge” and a strong addition to the company’s treasury holdings.
This move aligns Rumble with companies like MicroStrategy, which adopted an aggressive bitcoin-buying strategy in 2020, as well as Tesla and Block. In 2024 alone, smaller companies like Semler Scientific and Acurx Pharmaceuticals have also added bitcoin to their reserves.
Rumble’s growth
Rumble has experienced a 63% increase in its stock value this year, riding on its growing popularity as an alternative to YouTube.
The platform went public in 2022 and is considered a Trump-aligned enterprise, with recent connections strengthened as President-elect Trump tapped Cantor Fitzgerald CEO Howard Lutnick, a key figure in Rumble’s public listing, as Commerce Secretary.
Bitcoin price
Bitcoin, which nearly reached $100,000 last week, is currently trading near $93,000 after a recent 3% dip.
It has more than doubled in value in 2024, fueling speculation about which companies might follow Rumble’s lead in adopting bitcoin for their treasuries.
