What to know:

• Rumble purchased 188 Bitcoin at an average price of $91,000 per coin.
• The move aligns with the company’s broader push into cryptocurrency.
• Tether invested $775 million in the company late last year.

Rumble, a Nasdaq-listed video-sharing platform, has made a substantial investment of $17.1 million in Bitcoin by adding 188 BTC to its corporate reserves, as announced by the company.

The purchase was made at an average price of $91,000 per coin.

The move is part of Rumble’s previously disclosed plan to adopt a Bitcoin treasury strategy and allocate up to $20 million of its cash reserves toward Bitcoin. Rumble’s CEO, Chris Pavlovski, explained that this decision is aimed at strengthening its involvement in the crypto sector.

“These holdings have the potential to serve as a valuable hedge against inflation and will not be subject to dilution like so many overprinted government-issued currencies,” said Pavlovski in a press release.

The company indicated that future acquisitions will depend on factors such as market conditions, Bitcoin’s price, and Rumble’s cash flow needs. Notably, Tether took a $775 million stake in Rumble late last year.

In the latest trading session, Rumble shares closed down 2.38%, but were up nearly 4% in pre-market trading at $8.1.