Ah, the sweet scent of corporate Bitcoin buying sprees! Rumble, a Toronto-based video hosting, streaming, and cloud platform, has decided to join the party. Just 10 weeks after Tether’s investment in Rumble, the company has disclosed its $17.1 million Bitcoin (BTC) purchase.
Rumble’s $17,100,000 Bitcoin Bonanza: A Tale of Corporate Crypto Craze
According to its official statement, Canada’s video streaming platform Rumble has disclosed its pioneering Bitcoin (BTC) purchasing. The company has added 188 Bitcoins (BTC) to its treasury with an average price of $91,000 per coin, Rumble said in X.
BREAKING: Rumble Announces Purchases of $17.1 Million in Bitcoin in Accordance with Previously Announced Bitcoin Treasury Strategy
“The company has added approximately 188 Bitcoin to its treasury at an average price of approximately $91,000 per coin”
— Rumble 🏴☠️ (@rumblevideo) March 12, 2025
In total, the company is going to allocate $20 million in Bitcoin (BTC), Rumble CEO Chris Pavlovski said in a press release. The company bets big on Bitcoin (BTC) “as a valuable tool for strategic planning and reinforces the company’s expansion into cryptocurrency,” the team says.
Fueled by the announcement, Rumble’s RUM stocks are up by 2.7% in 24 hours on Nasdaq’s premarket. However, the X followers opined that the company might be getting exposure to Bitcoin (BTC) on too high prices.
As of press time, Bitcoin (BTC) is changing hands at $81,633. Rumble should be 10.33% underwater, with a negative paper PnL of $1.77 million.
Rumble Joins the Top 40 Corporate BTC Holders: A Tale of Corporate Crypto Craze
With this purchase, Rumble becomes the 40th largest corporate holder of Bitcoin (BTC), Bitcoin Treasuries tracker says. Rumble’s BTC holdings are equal to 0.60% of its net market cap.
As covered by U.Today previously, in December 2024, Rumble secured a whopping $775 million investment from Tether, the issuer of the world’s largest stablecoin, USDT.
In the first batch, Tether transferred to Rumble $250 million in cash. As such, the company injected into Bitcoin (BTC) about 7% of the first Tether transfer.
In total, publicly listed companies are responsible for over 657,000 Bitcoins (BTC) worth $53 billion; it is 3.13% of the entire Bitcoin (BTC) supply.
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2025-03-12 18:31