Popular video-sharing platform Rumble Inc. (NASDAQ:RUM) became the latest Wall Street player to embrace the Bitcoin (CRYPTO: BTC) treasury strategy amid the apex cryptocurrency’s record-breaking run.
What Happened: According to an announcement made Monday, Rumble’s board approved a new strategy to allocate a portion of the company’s surplus cash reserves to Bitcoin. This move was part of Rumble’s strategic planning, aimed at supporting the company’s foray into the cryptocurrency market.
Rumble’s allocation strategy will include investments of up to $20 million, at the company’s discretion. At the prevailing market price, this would amount to a purchase of around 212 Bitcoins.
That said, the actual timing and value of the purchase would be decided by the management, contingent on factors such as general market conditions and the price of Bitcoin.