PANews reported on November 26 that according to official news, video sharing platform and cloud service provider Rumble (NASDAQ: RUM) announced that its board of directors has approved a corporate financial diversification strategy to allocate part of the company's excess cash reserves to Bitcoin. Rumble's Bitcoin allocation strategy will include the purchase of up to $20 million in Bitcoin at the company's discretion. According to the allocation strategy, the actual timing and value of Bitcoin purchases will be determined by management at its discretion and will depend on a variety of factors, including but not limited to general market and business conditions, Bitcoin trading prices, and Rumble's expected cash needs. The allocation strategy may be suspended, terminated or modified at any time for any reason.
“We believe the world is still in the early stages of Bitcoin adoption, which has accelerated recently with the election of a crypto-friendly presidential administration in the U.S. and increased institutional adoption,” said Chris Pavlovski, Chairman and CEO of Rumble. “Unlike any government-issued currency, Bitcoin is not diluted by endless money printing, making it a valuable inflation hedge and an excellent addition to our treasury.”
