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Video-sharing platform Rumble has become the latest in a recent flurry of companies adding Bitcoin to their official balance sheets.
Rumble, a YouTube alternative with more lenient content moderation policies, has officially confirmed that the Board of Directors has approved a corporate treasury diversification strategy of allocating a portion of the company’s excess cash reserves to Bitcoin.
“This move emphasizes Rumble’s belief in Bitcoin as a valuable tool for strategic planning and is designed to accelerate the company’s expansion into cryptocurrency,” reads the official company statement. “Rumble’s Bitcoin allocation strategy will include purchases, at the discretion of the company, of up to $20 million.”
This comes after Rumble CEO Chris Pavlovski teased the idea on social media, putting a poll out on X. Out of 43,790 votes, 93.9% of respondents voted yes to the proposal.
Lets put this in a poll format…
Should Rumble add Bitcoin to its balance sheet?
— Chris Pavlovski (@chrispavlovski) November 19, 2024
Following the official company announcement Pavlovski followed up with another post to X, writing: “I wasn’t joking when I said I was going to be laser-focused on the crypto and gaming communities. It’s a new era.”
The date of Rumble’s first Bitcoin purchase is yet to be made and is up to the discretion of the company’s management, depending on “several factors.” These include the influence of the wider crypto market, the price of Bitcoin, and the cash needs of the platform.
“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 US presidential administration and increased institutional adoption,” Pavlovski said as part of the official company statement.
“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.”
It’s certainly true that Bitcoin is enjoying another high in the wake of President-elect Donald Trump’s re-election, with Bitcoin rising to a record high. The decision from Rumble appeared to be good news for the platform’s share price, with it spiking to $7.31 in a 12.63% rise during the same trading session as the announcement.
Featured image: Midjourney
