Rumble (Nasdaq: RUM), video sharing platform and cloud service provider, Declare Buy approximately 188 Bitcoin, at a value of about $ 17.1 million, as part of the previously unveiled Ministry of Treasury strategy. It was obtained at an average price of about $ 91,000 for the coin, and this purchase is part of the company's plan to allocate up to $ 20 million in Bitcoin.
“We are excited to announce these purchases and allocate Bitcoin as part of our treasury strategy as well as a greater strategic step as we expand our relations with the encryption industry,” said Chris Pavlovsky, Chairman and CEO of Rumble. “These holdings have the ability to serve as a valuable hedge against inflation and will not be subjected to mitigation like many of the government's printed currencies. As a video driving platform and cloud services for the encryption community, we are proud to form bitcoin officially as encryption growth in our company's DNA continues to grow.”
The advertisement follows Rompel previously Detected A strategy of diversifying the Ministry of Treasury, which was approved by its board of directors. The strategy aims to benefit from Bitcoin as a strategic asset to accelerate the company's expansion of digital assets while enhancing its financial position.
“We believe that the world is still in the early stages of bitcoin adoption, which recently accelerated with the election of a suitable American presidential administration for encryption and increased institutional adoption,” Pavlovsky said. “Unlike any government currency, Bitcoin is not subject to mitigation by printing an endless money, allowing it to be a valuable hedge of inflation and an excellent addition to our treasury. We are also excited to enhance our relations with Crypto and enhance our efforts to become the video service and the leading cloud of the encryption community.”
The company noted that the actual timing and the value of any Bitcoin's future acquisitions depend on various factors, including public market conditions, the Bitcoin trading price, and the expected cash needs of Rumble. Rumble stated that its strategy will remain flexible and can be modified, suspended or stopped at any time at the company's estimate.
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