Rumble acquires Bitcoin of 17.1 million US dollars as part of the treasury strategy
Rumble (Nasdaq: Rum), the video sharing platform and cloud service provider, has announced the purchase of approx. 188 Bitcoin worth around 17.1 million US dollars as part of his previously opened strategy from Bitcoin Treasury. This purchase was purchased at an average price of approximately 91,000 per coin and is part of the company plan to admit Bitcoin up to $ 20 million.
“We are pleased to announce these purchases and the assignment of Bitcoin as part of our treasury strategy and a larger strategic step because we are further expanding our connections to the crypto industry,” said Chris Pavlovski, chairman and CEO of Rumble. “These participations have the potential to serve as a valuable protection against inflation, and are not subject to currencies issued as so many over -pressure. As a leading video and cloud services for the Crypto community, we are proud to keep Bitcoin official because we continue to grow and include crypto in the DNA of our company. “
The announcement follows by Rumbas previously revealed strategy for the diversification of companies approved by his board of directors. The strategy aims to use Bitcoin as a strategic asset in order to accelerate the company’s expansion into digital assets and at the same time to strengthen its financial position.
“We believe that the world is still in the early phases of the adoption of Bitcoin, which recently accelerated with the choice of crypto-friendly US presidential administration and an increased institutional adoption,” said Pavlovski. “In contrast to a currency issued by the government, Bitcoin is not subject to endless money pressure, so that it is valuable inflation protection and an excellent addition to our Ministry of Finance. We are also pleased to strengthen our relationships with Krypto and strengthen our efforts to become the leading video and cloud services platform for the KRYPTO community. “
The company found that the actual time and the value of future Bitcoin acquisitions will depend on various factors, including the general market conditions, the Bitcoin trading price and the expected cash needs from Rumble. Rumble explained that her strategy would remain flexible and possibly changed, suspended or hired depending on the discretion of the company.
