Rumble makes first Bitcoin purchase, hints at future acquisitions

Rumble, a Tether-backed video-sharing platform, has made its archetypal Bitcoin acquisition 2 months aft adopting the apical crypto arsenic a strategical reserve asset.

On Jan. 20, Rumble CEO Chris Pavlovski announced that the institution had purchased Bitcoin connected Friday, Jan. 17.

According to him:

“On Friday, Rumble made its first-ever acquisition of Bitcoin. It won’t beryllium the last.”

While the magnitude acquired remains undisclosed, Pavlovski hinted this is conscionable the commencement of a larger program to fortify Rumble’s Bitcoin position.

The acquisition aligns with Rumble’s broader crypto strategy. In November 2024, the institution revealed plans to put $20 cardinal successful Bitcoin, citing assurance successful the asset’s semipermanent potential.

At the time, Pavlovski noted that Bitcoin adoption was inactive successful its infancy, with momentum gathering owed to supportive policies and increasing organization interest.

He also highlighted Bitcoin’s resilience against inflation, citing its immunity to dilution caused by excessive wealth printing. He called it a invaluable plus for the company’s treasury.

Rumble is simply a video-sharing level with 67 cardinal progressive users monthly and is renowned for its relaxed contented moderation approach. Last December, stablecoin issuer Tether invested over $775 million successful the platform.

Broader adoption

Rumble’s Bitcoin acquisition mirrors a increasing inclination among apical firm firms crossed the nationalist and backstage sectors embracing the flagship integer plus for their treasuries reserve.

Data from Bitcoin Treasuries shows that implicit 70 publically traded companies collectively clasp astir 600,000 BTC. MicroStrategy leads this cohort with 450,000 BTC successful its coffers.

On the different hand, backstage firms similar SpaceX, Tether, and Block.one person amassed 407,212 BTC.

Total Number of Bitcoin Held by Public and Private Firms. (Source: BitcoinTreasuries)

Bitwise’s Chief Investment Officer Matthew Hougan believes this inclination is acold from a one-off. Instead, helium describes it arsenic a “megatrend” that could reshape the crypto market.

Hougan attributes portion of this displacement to the Financial Accounting Standards Board’s (FASB) instauration of ASU 2023-08. This caller regularisation permits publically traded firms to grounds Bitcoin holdings astatine marketplace value, allowing them to bespeak gains erstwhile Bitcoin’s terms increases.

The station Rumble makes archetypal Bitcoin purchase, hints astatine aboriginal acquisitions appeared archetypal connected CryptoSlate.