- Rumble is going to buy $20M worth of Bitcoin
- This is a part of a corporate treasury diversification strategy
- Their stock price rose 3.8%, to $7.59 in after-hours trading
Rumble announced that they are going to buy $20M worth of Bitcoin as part of a corporate treasury diversification strategy, and after the announcement, their stock price rose 3.8%, to $7.59 in after-hours trading.
More About Rumble Crypto Strategy
Rumble is an online video platform, web hosting, and cloud services company that is not directly related to the crypto industry. However, like many companies at the moment, it is turning its attention to Bitcoin as a valuable deflationary and strategic planning tool.
This prompted Rumble’s board of directors to discuss crypto expansion, and Monday’s meeting was a success, resulting in the approval of a $20M purchase of Bitcoin as part of a corporate treasury diversification strategy. While this is seen as a long-term measure, it immediately brought its perks and their stock price rose 3.8%, to $7.59 in after-hours trading.
Chief Executive Chris Pavlovski said:
“We believe that the world is still in the early stages of the adoption of Bitcoin, which has recently accelerated with the election of a crypto-friendly U.S. presidential administration and increased institutional adoption.”
Conclusion
It seems that more and more companies are starting to see Bitcoin’s strategic role, especially against the backdrop of how entire nations are starting to view it.
As a result, we’re seeing more and more demand for Bitcoin at the moment, which could create a lot of additional incentives to promote it.
However, remember that things are more dynamic than ever right now, so take extra care and stay tuned.
