Rumble Buys $17M Worth of Bitcoin, Embracing Crypto Strategy in Trump Era
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Video-sharing platform Rumble has added 188 new Bitcoins (BTC) to its coffers as U.S. President Donald Trump attempts to build a cryptocurrency reserve within the government.
Video-sharing platform Rumble says it has purchased more than $17 million in Bitcoin as part of a previously announced investment strategy.
In a statement on March 12, Rumble confirmed that it had purchased 188 Bitcoins, valued at approximately $17.1 million. The investment was made by CEO Chris Pavlovski in November after Donald Trump won the U.S. presidential election as a hedge against inflation and as part of a broader plan to deepen ties with the crypto industry.
The platform hinted that it may make more Bitcoin purchases depending on market factors. While Rumble has not directly mentioned Trump or his push to build a strategic Bitcoin reserve at the federal level, Pavlovski’s social media posts have made clear support for the president’s policies.
Rumble’s cloud platform currently hosts Trump’s social media platform Truth Social — the president’s primary method of public communication — and in January reached an agreement with the government of El Salvador to provide the service. Cointelegraph reached out to Rumble for comment but did not receive a response at the time of publication.
By adding Bitcoin to its balance sheet, Rumble joins a list of companies that have invested in cryptocurrencies after the November election, including artificial intelligence company Genius Group and software company Semler Scientific. Rumble stock has fallen about 34% since January 1.
The U.S. government may soon hold Bitcoin
Since January 20, the Trump administration has deepened the ties between the U.S. government and the cryptocurrency industry through executive actions and policies.
The Securities and Exchange Commission (SEC), one of the largest financial regulators in the United States, announced that it would abandon investigations and enforcement actions against many cryptocurrency companies for unregistered securities offerings. On March 7, Trump also met with a number of cryptocurrency executives and CEOs at the White House as part of a summit to discuss the proposed national Bitcoin reserve and cryptocurrency reserves.
Trump's proposed Bitcoin reserve plan, if passed by Congress, could become law. This move could allow all Bitcoin confiscated by U.S. authorities to be held for the long term rather than sold through auctions. At present, the specific impact of this policy on Bitcoin prices is unclear.
