Another Giant Company Trading on Nasdaq Announced Buying Bitcoin! Here is the Average Purchase Price

Video sharing platform Rumble, traded on Nasdaq, announced that it made a significant investment in Bitcoin by purchasing 188 BTC for 17.1 million dollars RUM(.

The purchase was made at an average price of $91,000 per coin as part of the company's broader strategy to adopt Bitcoin as a treasury asset.

This move also seems to align with Rumble's previously announced plan to allocate a portion of its cash reserves up to $20 million to Bitcoin. CEO Chris Pavlovski noted that the company's increasing involvement in the cryptocurrency sector, referencing Bitcoin's potential to provide protection against inflation.

In a press release, Pavlovski said, “These assets have the potential to provide valuable protection against inflation and will not be subject to dilution like many state-issued currencies.”

Rumble also noted that future Bitcoin purchases will depend on market conditions, BTC price fluctuations, and the company's cash flow requirements, among other factors.

The investment came after an important development that revealed the growing intersection between the video sharing platform and the crypto sector, as Tether, the world's largest stablecoin issuer, bought a $775 million stake in Rumble at the end of last year.