As a seasoned crypto investor with over a decade of experience in this wild West of digital assets, I must admit that Rumble’s decision to allocate up to $20 million of their cash reserves to Bitcoin is nothing short of inspiring. It’s like witnessing the early adopters of the internet, who had the foresight to invest in companies that would later dominate the landscape.
Rumble, a Nasdaq-listed video-sharing and cloud services platform, has revealed plans to invest up to $20 million from its cash reserves into Bitcoin. This decision comes after the approval of a strategic move by the company’s board of directors, dubbed as “corporate treasury diversification,” which involves setting aside a portion of excess cash reserves for investment in Bitcoin.
Recently, the CEO of the company, Chris Pavlovski, underlined the possible role of Bitcoin as a means to preserve wealth and shield against inflation. He also pointed out that the company sees the global acceptance of Bitcoin as being in its infancy.
Pavlovski points out that Bitcoin is unaffected by continuous minting of money. On the other hand, Rumble’s declaration states that their Bitcoin acquisitions will be decided by management based on factors like overall market conditions, Bitcoin’s trading price, and Rumble’s projected cash requirements.
As a researcher, I’m excited to share that Rumble has announced its Bitcoin treasury strategy. In this strategy, Rumble reserves the right to invest up to $20 million in Bitcoin acquisitions at their own discretion.
— Rumble 🏴☠️ (@rumblevideo) November 25, 2024
The action was taken following Pavlovski’s query on the social media platform X (previously known as Twitter) about whether Rumble should incorporate Bitcoin into their financial records. A poll conducted afterward revealed that out of 43,790 votes, a whopping 93.9% of participants responded affirmatively.
In response to the CEO’s query, Michael Saylor, the founder and chairperson of MicroStrategy – a global leader in holding Bitcoin – expressed his readiness to delve into the reasons and methods for incorporating Bitcoin into the company’s financial records.
Pavlovski’s response implies that the discussion continued via private messages, culminating in Rumble deciding to include Bitcoin in their assets.
Yes. I would be happy to discuss why & how with you.
— Michael Saylor⚡️ (@saylor) November 19, 2024
Significantly, MicroStrategy has recently bought 55,500 Bitcoins in a large purchase worth about $5.4 billion, paying an average of approximately $97,862 per coin. This action raises the company’s average cost for each Bitcoin to around $56,761.
Due to this recent acquisition, which marks MicroStrategy’s largest yet, the firm now holds approximately 386,700 Bitcoins on its financial records. These Bitcoins were obtained for roughly $21.9 billion and their current value surpasses $36 billion.
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2024-11-26 19:02