The video exchange platform listed in Nasdaq Rumble (Rum) has invested $ 17.1 million in Bitcoin (BTC) by adding 188 BTC to its corporate treasure, the company announced.
The purchase was made at an average price of $ 91,000 per currency.
The measure is part of Rumble’s previously revealed plan to adopt a Bitcoin Treasury strategy and assign up to $ 20 million of its cash reserves to Bitcoin. Rumble’s CEO, Chris Pavlovski, said the decision was part of his greatest participation in the cryptographic industry.
“These holdings have the potential to serve as a valuable coverage against inflation and will not be subject to a dilution as as many coins issued by the Overempre government,” Pavlovski said in a press release.
The company added that future acquisitions would depend on factors such as market conditions, bitcoin price and rumble cash flow needs. At the end of last year, the main stablecoin tether issuer took a participation of $ 775 million in the video exchange platform.
Rumble’s shares closed 2.38% in the last negotiation session and increased almost 4% in the negotiation prior to the market to $ 8.1.
