Michaela Alvez
The Board of Directors at Rumble has approved a corporate treasury diversification strategy by confirming plans to add Bitcoin to its balance sheet.
The video-sharing platform’s diversification strategy intends to allocate a portion of the company’s excess cash reserves, up to $20 million, to Bitcoin.
Rumble’s recent move highlights the company’s commitment to utilizing cryptocurrency as a strategic tool. As outlined in an official statement on Rumble’s website, the decision is aimed at accelerating the company’s expansion into the crypto sector.
On November 19, Rumble Chairman and CEO Chris Pavlovski floated the idea of adding Bitcoin to the company’s balance sheets through a poll on X. The proposal received overwhelming support, with 93.9% of the respondents backing the move.
“We believe that the world is still in the early stages of the adoption of Bitcoin, which has recently accelerated with the election of a crypto-friendly U.S. presidential administration and increased institutional adoption,” Pavlovski stated.
Rumble clarified that any potential Bitcoin purchases under its new strategy will be decided by the company’s management. These decisions will take into account various factors, such as the current market conditions, the price of Bitcoin, and the company’s financial requirements at the time.
Rumble also expressed that their allocation strategy may be suspended, discontinued, or modified at any time for any reason.
Other Companies Embrace Bitcoin
Rumble is not the first company to add Bitcoin to its balance sheet. Several other firms have already made similar moves, further legitimizing Bitcoin as an asset in the corporate world.
MicroStrategy, the business intelligence firm co-founded by Michael Saylor, leads the pack in corporate Bitcoin holdings with 331,200 BTC, valued at approximately $36 billion.
MARA Holdings Inc., previously known as Marathon Digital Holdings, reportedly acquired 4,144 BTC between Aug. 12 and 14.
On November 18, artificial intelligence firm, Genius Group Limited, launched its Bitcoin Treasury with a purchase of 110 BTC for $10 million, with plans to commit 90% or more of its reserves.
Read More
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Michaela has no crypto positions and does not hold any crypto assets. This article is provided for informational purposes only and should not be construed as financial advice. The Shib Magazine and The Shib Daily are the official media and publications of the Shiba Inu cryptocurrency project. Readers are encouraged to conduct their own research and consult with a qualified financial adviser before making any investment decisions.
