Rumble embraces Trump-era crypto strategy with $17M BTC purchase

Video-sharing platform Rumble says it had bought greater than $17 million price of Bitcoin as a part of a beforehand introduced funding technique.

In a March 12 discover, Rumble stated it had added 188 Bitcoin (BTC) to its treasury for roughly $17.1 million. The funding, instructed by CEO Chris Pavlovski in November following Donald Trump profitable the US presidential election, was touted as a hedge towards inflation and a part of a broader transfer to deepen ties to the crypto trade.

The platform hinted it may make extra Bitcoin purchases relying on market elements. Although Rumble didn’t particularly point out Trump or his makes an attempt to determine a strategic Bitcoin reserve and crypto stockpile on the federal degree, Pavlovski’s social media posts instructed robust assist for the US president’s insurance policies. 

Rumble’s cloud at present hosts Trump’s social media platform, Reality Social — the president’s major methodology for public communications — and entered into an settlement with El Salvador’s authorities in January to offer providers. Cointelegraph reached out to Rumble for remark however didn’t obtain a response on the time of publication.

Associated: Tether pours $775M into video-sharing platform Rumble

With Bitcoin on its stability sheet, Rumble joins an inventory of corporations which have invested in crypto following the November election, together with AI agency Genius Group and software program firm Semler Scientific. The share value of Rumble inventory has fallen roughly 34% since Jan. 1.