Platform Rumble has announced plans to diversify its corporate treasury by allocating some of its surplus cash to Bitcoin. The company’s board of directors has approved a new strategy that could see Rumble invest up to $20 million in the cryptocurrency.
With the latest Bitcoin investment announcement, the video sharing platform is looking to strengthen ties with the cryptocurrency community.
Rumble’s CEO and president, Chris Pavlovski, suggested the possibility of adding Bitcoin to the company’s balance sheet in a Nov. 19 poll on X. The survey received 43,790 votes, and 93.9% of participants supported the idea.
In a statement, Chris Pavlovski explained the rationale behind the decision, highlighting Bitcoin’s unique advantages over traditional government-issued currencies. Pavlovski said: “We believe the world is still in the early stages of Bitcoin adoption, which has accelerated with the cryptocurrency-friendly US administration and increased institutional interest.
Unlike fiat currencies, Bitcoin is not subject to inflationary pressures from government money printing, making it a valuable hedge.” Rumble’s new Bitcoin allocation strategy will provide the company with flexibility, allowing it to make purchases as it sees fit, depending on market conditions and business needs.
The timing and value of these acquisitions will be evaluated based on factors such as the price of Bitcoin and Rumble’s need for cash. However, the strategy can be modified or suspended at any time.
Rumble has joined a growing number of companies that are adding Bitcoins to their balance sheets this year. The leader is Michael Saylor’ s MicroStrategy , which holds 331,200 bitcoins worth about $36 billion. Meanwhile, bitcoin mining company MARA Holdings, formerly Marathon Digital, announced on November 18 that it was looking to raise $700 million through convertible senior notes to acquire more bitcoin.
