Canada-based video-sharing platform Rumble made its first official Bitcoin (BTC USD) purchase on January 17.
The company’s CEO, Chris Pavlovski, disclosed the news on Monday but did not reveal the amount of BTC acquired by Rumble.
The update suggests that the purchase was as high as $20 million. According to the executive, the company intends to purchase more Bitcoin.
Rumble’s $20 Million BTC Purchase
Notably, the $3.6 billion streaming giant adopted Bitcoin as a strategic corporate reserve in November 2024.
It made this move to combat inflation and address economic uncertainty. This move came after its Board of Directors approved the corporate treasury diversification strategy.
It was proposed that only a portion of the company’s excess cash reserves will be allocated to Bitcoin (BTC USD), up to $20 million.
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At the time, Pavlovski acknowledged the price surge recorded by the flagship cryptocurrency immediately after Donald Trump won the United States presidential elections.
He suggested that the world is in the early stage of Bitcoin adoption, citing that the digital asset will contribute significantly to bolstering the company’s position.
Pavlovski said,
“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.”
He added,
“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.”
Is this Canada’s MicroStrategy?
Software and business intelligence firm MicroStrategy remains one of the largest Bitcoin buyers. Its Bitcoin accumulation strategy has spanned for more than four years.
After making the first move in August 2020, the Michael Saylor-led firm has not taken a break from acquiring more BTC.
In 2024, MicroStrategy acquired a total of 258,320 BTC, which pushed its Bitcoin yield to go up by 74.3%.
As of its last purchase of 2,530 Bitcoin at $243 million, its total Bitcoin holdings jumped to 450,000 BTC.
By all means, MicroStrategy’s Bitcoin acquisition strategy and its success over the years have attracted other institutional investors.
Rumble is likely the latest of these organizations borrowing a leaf from MicroStrategy’s Bitcoin playbook.
Pavlovski’s statement about future Bitcoin (BTC USD) purchases hints that it may soon become Canada’s MicroStrategy.
Japan’s Metaplanet has already taken a similar title based on its consistent BTC acquisition.
Institutional Adoption of Bitcoin (BTC USD) and Price Outlook
There is a general hype amongst institutional investors to hold a share of Bitcoin.
Quite a number of these investors have suddenly realized the potential of the premier cryptocurrency as a store of value.
Further attracting investors, BTC has recorded significant growth in the last 24 hours, largely coinciding with Donald Trump’s inauguration.
The coin retested its All-time-high (ATH) of $108,000 and even made a run for $109,000. Considering its growth prospects, more firms may also join the bandwagon.
No matter the case, analysts are convinced that Bitcoin could hit $145,000 and soar as high as $249,000 this year.
The price of Bitcoin was pegged at $103,718.72 as of this writing, corresponding with a 2.17% surge in 24 hours.
Source: https://www.thecoinrepublic.com/2025/01/21/3-6-billion-streaming-giant-rumble-makes-first-bitcoin-btc-purchase/