Rumble Makes Waves with Its First Bitcoin Purchase: What This Means for the Crypto World

Rumble's Bold Step into Bitcoin

On Monday, Rumble, the rising video-sharing platform, announced its first Bitcoin buy, marking a significant move less than two months after unveiling its treasury reserve strategy. Rumble's CEO, Chris Pavlovski, took to X (formerly Twitter) to share the news, confirming the purchase took place on Friday.

While the exact amount of Bitcoin acquired remains undisclosed, Rumble previously indicated plans to allocate up to $20 million of its cash reserves into Bitcoin. Decrypt reached out for more details but received no immediate response.

"It won’t be the last," Pavlovski stated about the recent acquisition, hinting at a commitment to future purchases.

Who is Rumble?

Rumble is a Canadian company that allows users to share videos, positioning itself as a competitor to YouTube. It is traded on the Nasdaq (NASDAQ: RUM) and is known for its support of free speech, particularly resonating with American conservatives. In a previous statement, Pavlovski noted that the world is still in the early stages of Bitcoin adoption.

Support from the Crypto Community

Rumble's foray into Bitcoin comes alongside a $775 million investment from Tether, a major stablecoin issuer, which began with a $250 million cash injection. This partnership enhances Rumble's credibility within the crypto ecosystem.

Following the footsteps of MicroStrategy, which has been accumulating Bitcoin since 2020, Rumble aims to leverage Bitcoin as a strategic asset for shareholder value. MicroStrategy currently holds 450,000 Bitcoin, worth approximately $46.3 billion at today's market prices.

As this trend continues, Rumble's actions may inspire other companies to consider Bitcoin as a viable long-term store of value, reflecting a growing acceptance of cryptocurrency in corporate treasury strategies.