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Rumble Announces Bitcoin Treasury Strategy
LONGBOAT KEY, Fla, Nov. 25, 2024 (GLOBE NEWSWIRE) -- Rumble (NASDAQ:RUM), the video-sharing platform and cloud services provider, announced today that its
About this update from Rumble Inc.
[{"type":"text","content":"LONGBOAT KEY, Fla, Nov. 25, 2024 (GLOBE NEWSWIRE) -- Rumble (NASDAQ:RUM), the video-sharing platform and cloud services provider, announced today that its Board of Directors has approved a corporate treasury diversification strategy of allocating a portion of the company’s excess cash reserves to Bitcoin. This move emphasizes Rumble’s belief in Bitcoin as a valuable tool for strategic planning and is designed to accelerate the company’s expansion into cryptocurrency. Rumble’s Bitcoin allocation strategy will include purchases, at the discretion of the company, of up to $20 million. “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. Unlike any government-issued currency, Bitcoin is not subject to dilution through endless money-printing, enabling it to be a valuable inflation hedge and an excellent addition to our treasury,” said Rumble Chairman and CEO Chris Pavlovski. “We are also excited to strengthen our ties with crypto and to bolster our efforts to become the leading video and cloud services platform for the crypto community,” Pavlovski added. The actual timing and value of Bitcoin purchases, if any, under the allocation strategy will be determined by management in its discretion and will depend on several factors, including, among others, general market and business conditions, the trading price of Bitcoin and the anticipated cash needs of Rumble. The allocation strategy may be suspended, discontinued or modified at any time for any reason. ABOUT RUMBLE Rumble is a high-growth video platform and cloud services provider that is creating an independent infrastructure. Rumble’s mission is to restore the internet to its roots by making it free and open once again. For more information, visit: corp.rumble.com. Contact: [email protected] Forward-Looking Statements Certain statements in this press release constitute “forward-looking statements” within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. Statements contained in this press release that are not historical facts are forward-looking statements and include, for example, statements regarding our new corporate treasury diversification strategy of allocating a portion of the company...