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Sichuan fans' favorite video platform is also joining in! Rumble wants to spend 2 k million dollars to buy BTC
Influenced by MicroStrategy, video platform Rumble announced on Monday that the company will invest part of its cash reserves to purchase up to 20,000 BTC, worth a maximum of 2k million dollars. After the news broke, Rumble's stock price surged nearly 4% in after-hours trading.
Rumble Chairman and CEO Chris Pavlovski said, "We believe that the global popularization of Bitcoin has just begun. Unlike government issuance of currency, the value of Bitcoin will not be depreciated by endless printing, making it an excellent supplement to our capital reserves as a hedging tool against inflation."
He further pointed out, "We look forward to strengthening our connection with the Cryptocurrency community and consolidating our position as the preferred video and cloud service platform for the Cryptocurrency community."
This move puts Rumble in the camp of MicroStrategy, which has adopted an aggressive BTC purchasing strategy since 2020 and has become a 'shadow stock' of BTC with a big pump in stock price of over 500% this year. Other tech giants such as TSL (Tesla) and Block have also purchased BTC, and two small companies have followed suit this year, including Semler Scientific in May and Acurx Pharmaceuticals last week.
Rumble, favored by conservative users, is seen as an alternative to YouTube and has long been seen as closely associated with Donald Trump. With Trump's return to the White House, its stock price has also been closely followed. The platform went public in 2022 through a SPAC (special purpose acquisition company) led by Cantor Fitzgerald CEO Howard Lutnick.
Just last week, Howard Lutnick was nominated by Trump as the US Secretary of Commerce, and his company recently confirmed a $600 million investment in Tether, the issuer of Stable Coin USDT.
Rumble's stock price has risen nearly 63% this year, with a cumulative increase of 42% over the past year.
As for Bitcoin, earlier this month, it once approached the $100,000 mark, but as of the time of writing, it has fallen back to around $93,000. However, the market still expects Bitcoin to break the $100,000 mark before the end of the year.
Video platform Rumble also wants to buy BTC? Michael Saylor strongly responds "Let me teach you"
"The favorite video platform of Sichuan fans is also joining in! Rumble is going to spend 2 k million dollars to buy BTC" This article was first published in "Blocklike".