tl;dr
Rumble, a video-sharing platform backed by Tether, has made its first Bitcoin purchase and hinted at future acquisitions following its adoption of Bitcoin as a strategic reserve asset. The CEO announced the purchase, emphasizing it won't be the last and aligns with broader crypto investment plans. T...
Rumble, a video-sharing platform backed by Tether, has made its first Bitcoin purchase and hinted at future acquisitions following its adoption of Bitcoin as a strategic reserve asset. The CEO announced the purchase, emphasizing it won't be the last and aligns with broader crypto investment plans. This move reflects a growing trend of corporate firms embracing Bitcoin for their treasuries, with over 70 publicly traded companies collectively holding around 600,000 BTC. This shift is attributed to supportive policies and the Financial Accounting Standards Board's new rule allowing firms to record Bitcoin holdings at market value.
Rumble, a Tether-backed video-sharing platform, has made its first Bitcoin acquisition two months after adopting the top crypto as a strategic reserve asset. On Jan. 20, Rumble CEO Chris Pavlovski announced that the company had purchased Bitcoin on Friday, Jan. 17. According to him: "On Friday, Rumble made its first-ever purchase of Bitcoin. It won’t be the last." While the amount acquired remains undisclosed, Pavlovski hinted this is just the start of a larger plan to strengthen Rumble’s Bitcoin position. The purchase aligns with Rumble’s broader crypto strategy. In November 2024, the company revealed plans to invest $20 million in Bitcoin, citing confidence in the asset’s long-term potential.
Rumble’s Bitcoin acquisition mirrors a growing trend among top corporate firms across the public and private sectors embracing the flagship digital asset for their treasuries reserve. Data from Bitcoin Treasuries shows that over 70 publicly traded companies collectively hold around 600,000 BTC. MicroStrategy leads this cohort with 450,000 BTC in its coffers. On the other hand, private firms like SpaceX, Tether, and Block.one have amassed 407,212 BTC.
Bitwise’s Chief Investment Officer Matthew Hougan believes this trend is far from a one-off. Instead, he describes it as a “megatrend” that could reshape the crypto market. Hougan attributes part of this shift to the Financial Accounting Standards Board’s (FASB) introduction of ASU 2023-08. This new rule permits publicly traded firms to record Bitcoin holdings at market value, allowing them to reflect gains when Bitcoin’s price increases.