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Video-sharing platform Rumble says it had purchased more than $17 million worth of Bitcoin as part of a previously announced investment strategy.
In a March 12 notice, Rumble said it had added 188 Bitcoin (BTC) to its treasury for roughly $17.1 million. The investment, suggested by CEO Chris Pavlovski in November following Donald Trump winning the US presidential election, was touted as a hedge against inflation and part of a broader move to deepen ties to the crypto industry.
The platform hinted it could make additional Bitcoin purchases depending on market factors. Though Rumble did not specifically mention Trump or his attempts to establish a strategic Bitcoin reserve and crypto stockpile at the federal level, Pavlovskiβs social media posts suggested strong support for the US presidentβs policies.
Rumbleβs cloud currently hosts Trumpβs social media platform, Truth Social β the presidentβs primary method for public communications β and entered into an agreement with El Salvadorβs government in January to provide services. Cointelegraph reached out to Rumble for comment but did not receive a response at the time of publication.
Related: Tether pours $775M into video-sharing platform Rumble
With Bitcoin on its balance sheet, Rumble joins a list of companies that have invested in crypto following the November election, including AI firm Genius Group and software company Semler Scientific. The share price of Rumble stock has fallen roughly 34% since Jan. 1.
US government could soon hodl Bitcoin
Since Jan. 20, the Trump administration has deepened ties between the US government and the crypto industry through executive action and policies.
The US Securities and Exchange Commission, one of the biggest financial regulators in the country, announced it would be dropping investigations and enforcement actions against many crypto firms over allegations of unregistered securities offerings. Trump also hosted many crypto executives and CEOs at the White House on March 7 as part of a summit to discuss a proposed national Bitcoin reserve and crypto stockpile.
Trumpβs proposed Bitcoin reserve β which could be codified into law if Congress moves forward with legislation β could see all BTC seized by US authorities HODLed rather than sold at auction. Itβs unclear how this action may affect the price of the cryptocurrency.
Magazine: Bitcoinβs odds of June highs, SOLβs $485M outflows, and more: Hodlerβs Digest, March 2 β 8
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