✨ Rumble Bets on Bitcoin for Treasury Diversification
posted 26 Nov 2024
Breaking from tradition, Canadian video hosting giant Rumble unveiled its decision to incorporate Bitcoin into its financial strategy on November 25.
Breaking from tradition, Canadian video hosting giant Rumble unveiled its decision to incorporate Bitcoin into its financial strategy on November 25.
The board of directors at Rumble has greenlit a strategy to invest up to $20 million of its surplus cash reserves in Bitcoin as part of a broader treasury diversification initiative.
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. Unlike any government-issued currency, Bitcoin is not subject to dilution through endless money-printing, enabling it to be a valuable inflation hedge and an excellent addition to our treasury,stated Rumble CEO Chris Pavlovski.
This move follows a similar decision by battery manufacturer Solidion Technology, which cited Bitcoin’s increasing institutional integration as a key motivator for its investment strategy.
Donald Trump’s election as U.S. president and the influx of pro-crypto lawmakers into Congress have spurred this growing trend.
A pivotal moment was Senator Cynthia Lummis’s introduction of a bill proposing a national Bitcoin reserve. The influence of Michael Saylor’s MicroStrategy, known for its aggressive BTC accumulation, may also have contributed to the rising interest among other companies.
More breaking news
