Rumble Stock Jumps over 5% Premarket as It to Invest Up to $20M in Bitcoin

Dow Jones27 minutes ago

Rumble will purchase up to $20 million worth of bitcoin in what the video-sharing platform and cloud-services provider called a corporate treasury diversification strategy.

Its board on Monday approved the purchases, which will be made at the discretion of the company, citing a belief in bitcoin as a valuable tool for strategic planning and a desire to accelerate the company's expansion into cryptocurrency.

Rumble's stock price rose 5.34%, to $7.70, in premarket trading.

"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," Chief Executive Chris Pavlovski said.

Bitcoin has soared to record highs since the election, boosted by President-elect Donald Trump's pro-crypto stance, anticipation of a more crypto-friendly regulatory environment under his administration and the election of more crypto-friendly lawmakers to Congress.

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