Billion Dollar Tether-Backed Platform Bought Bitcoin: More to Come! - Coin Bulletin

In line with its plans to support the Tether-backed platform, it announced the purchase of another (BTC) Bitcoin, signaling the possibility of future investments to continue.

The billion-dollar video sharing platform Rumble (RUM) traded on Nasdaq announced that it added 188 BTC to its treasury by purchasing Bitcoin worth 17.1 million dollars. The company made this purchase as part of its previously announced Bitcoin treasury formation strategy and plans to invest up to 20 million dollars in Bitcoin in total. In this latest purchase, Rumble paid an average of $91,000 per Bitcoin.

Rumble, which previously received a $775 million investment from Tether (USDT), continues to increase its interest in the crypto sector. The company highlighted that Bitcoin is a strong hedge against inflation, emphasizing that it will not lose value like fiat currencies continuously printed by governments, as mentioned by CEO Chris Pavlovski.

Rumble indicated that it may continue to invest in Bitcoin, but future purchases will depend on the Bitcoin price, market conditions, and the company's cash flow needs. The company had previously made Bitcoin purchases and taken steps towards embracing Bitcoin as a corporate asset.

Following the announcement of the Bitcoin investment, Rumble shares, despite experiencing a 2.38% decline on the last trading day, rose to $8.1, showing a 4% increase in pre-market trading. The role of this move towards the cryptocurrency market in the company's long-term growth strategy is being wondered.