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rumbleThe conservative-focused video platform said late Monday it would begin allocating some of its excess cash reserves to Bitcoin and purchase up to $20 million in cryptocurrency.
Shares rose more than 2% in after-hours trading.
“We believe the world is still in the early stages of Bitcoin adoption,” Rumble Chairman and CEO Chris Pavlovski said in a statement. statement on Monday. “Unlike any government-issued currency, Bitcoin will not be diluted by endless money printing, making it a valuable inflation hedge and an excellent addition to our treasury.”
He added: “We are also excited to strengthen our ties with cryptocurrencies and strengthen our efforts to become the leading video and cloud services platform for the cryptocurrency community.”
This move makes Rumble and Rumble belong to the same company micro strategyit began to adopt radical Bitcoin buying strategy 2020. Tesla and clogged It’s happened before Purchased Bitcoin. Two smaller companies are doing the same this year: Semler Scientific in May and Acurx Pharmaceuticals last week.
rumble has been watched As drama related to Donald Trump’s re-election given its popularity among conservatives. YouTube replacement passes in 2022 special purpose acquisition company leader Cantor Fitzgerald CEO Howard Lutnick. last weekLater, President-elect Trump selected Lutnick to serve as U.S. Secretary of Commerce.
Rumble is up nearly 63% this year, and the stock gained 42% last year.
Bitcoin itself came close to the $100,000 milestone last week, only to retreat on Monday. It was last down more than 3% at around $93,000, but the flagship cryptocurrency is expected to reach the $100,000 mark before the end of the year. By 2024, this number will more than double.
As the Trump administration takes office, it is expected to take Pro-cryptocurrency stanceInvestors are keeping a close eye on the next big company to start buying Bitcoin. MicroStrategy chairman and Bitcoin evangelist Michael Saylor said at an X Spaces event last week that he plans to pitch his Bitcoin vault strategy to Microsoft’s board of directors in December.
This year, the theme has expanded to the government level, with Sen. Cynthia Loomis (R-Wyo.) introducing a National Bitcoin Strategic Reserve. This summer, Trump also mentioned Potential National Bitcoin Stockpile.
