Nasdaq-listed video-sharing platform Rumble (RUM) has invested $17.1 million in bitcoin (BTC) adding 188 BTC to its corporate treasury, the company announced.
The purchase was made at an average price of $91,000 per coin.
The move is part of Rumble’s previously disclosed plan to adopt a bitcoin treasury strategy and allocate up to $20 million of its cash reserves to bitcoin. Rumble’s CEO Chris Pavlovski said the decision was part of its further involvement in the crypto industry.
“These holdings have the potential to serve as a valuable hedge against inflation and will not be subject to dilution like so many overprinted government-issued currencies,” Pavlovski said in a press release.
The company added that future acquisitions would be contingent on factors such as market conditions, bitcoin’s price, and Rumble’s cash flow needs. Late last year, leading stablecoin issuer Tether took a $775 million stake in the video-sharing platform.
Shares of Rumble closed down 2.38% over the last trading session and were up nearly 4% in pre-market trading to $8.1.