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Bitcoin Adoption Grows As Rumble Unveils $20 Million BTC Treasury Strategy
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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Bitcoin Adoption Grows As Rumble Unveils $20 Million BTC Treasury Strategy

Ash Tiwari
Ash Tiwari
6 months ago
3 mins read
bitcoin

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Bitcoin (BTC) corporate adoption continues to gain momentum as video-sharing and cloud services platform Rumble recently unveiled a BTC treasury strategy. This move aligns with a growing trend of corporations worldwide embracing Bitcoin as a strategic asset.

Rumble Announces Bitcoin Treasury Strategy, Stock Rises

The YouTube competitor is the latest company to join the Bitcoin bandwagon, as its Board of Directors approved a corporate treasury diversification strategy that allocates a portion of its excess cash reserves to BTC.

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As part of this strategy, Rumble plans to purchase up to $20 million worth of BTC. The company described Bitcoin as a “valuable tool for strategic planning.” Rumble CEO and Chairman Chris Pavlovski explained:

We believe that the world is still in the early stages of the adoption of Bitcoin, which has recently accelerated with the election of a crypto-friendly US  presidential administration and increased institutional adoption. 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.

The company stated that its management would evaluate factors such as market conditions, Bitcoin’s trading price, and Rumble’s cash flow needs to determine the timing and amount of BTC purchases. However, it emphasized that the strategy could be modified, paused, or discontinued.

Interestingly, the announcement followed a poll conducted by Pavlovski on X, where he asked users whether Rumble should add Bitcoin to its balance sheet. Over 93% of the 43,790 respondents voted in favor of the proposal.

Rumble’s stock price surged after the announcement, reflecting investor confidence. The tech company’s shares closed at $7.31, marking a 12.63% increase in a single day.

Rumble stock
Source: Yahoo! Finance

BTC as a Corporate Asset: A Winning Strategy?

Rumble’s decision to add BTC to its balance sheet mirrors the approach of MicroStrategy (MSTR), a pioneer in Bitcoin treasury management. Yesterday, the Michael Saylor-led firm revealed that it had acquired an additional 55,000 BTC, bringing its holdings to $5.4 billion.

Related Reading

bitcoin

Metaplanet’s Total Bitcoin Holdings Exceed 1,000 BTC Following Latest Purchase

7 months ago

MicroStrategy’s Bitcoin play has worked tremendously for the company’s stock performance. In the past year alone, MSTR price has increased by more than 670%, outperforming both BTC and the S&P 500 regarding returns on investment.

Meanwhile, Japanese firm Metaplanet recently crossed the 1,000 BTC milestone as it continues to bolster its Bitcoin holdings with frequent purchases. Additionally, speculation about major tech giants like Dell and Microsoft entering the Bitcoin market could fuel demand and drive the asset’s price to new highs. 

A recent analysis by crypto experts shows that BTC may hit the highly-anticipated six-figure price target early next year. BTC trades at $92,071 at press time, down 5.5% in the past 24 hours.

bitcoin
BTC trades at $92,071 on the daily chart | Source: BTCUSDT on TradingView.com
Featured image from Unsplash, charts from Yahoo! Finance and Tradingview.com
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Ash Tiwari
Ash Tiwari

Ash Tiwari

Ash is a dedicated crypto researcher and blockchain enthusiast with a passion for diving deep into the evolving world of decentralized technologies. With a background in writing and a natural curiosity for how digital assets are shaping the future, he has immersed himself in various sectors of the cryptocurrency space, including decentralized finance (DeFi), NFTs, and liquidity mining. His journey into crypto started with a desire to fully understand the technology behind it, leading him to explore and engage with these systems firsthand.

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Ash’s approach to DeFi goes beyond surface-level research as he actively participates in decentralized protocols, testing their functionality to gain a deeper understanding of how they operate. From experimenting with staking mechanisms to exploring liquidity mining strategies, he is hands-on in his exploration, which allows him to provide practical, real-world insights that go far beyond theoretical knowledge. This immersive experience has helped him develop a comprehensive grasp of smart contracts, token governance, and the broader implications of decentralized platforms on the future of finance.

In the NFT space, Ash’s interest is driven by the technology’s potential to reshape ownership and creativity in the digital age. He has explored various NFT projects, gaining insights into how these digital assets function within different ecosystems. His focus is on understanding the evolving relationship between creators and communities, as well as the innovative uses of blockchain technology to establish authenticity and provenance in the digital world. Ash’s research in this area often touches on the intersection of culture, technology, and community-driven projects.

A key area of his expertise lies in liquidity mining, where he has engaged with various decentralized platforms to understand how liquidity provision contributes to the functionality and security of DeFi ecosystems. Ash’s hands-on involvement has allowed him to analyze the risks, rewards, and broader implications of liquidity pools, giving him a well-rounded perspective on this integral part of DeFi. His understanding of risk management and protocol design allows him to provide insights into how these systems can be navigated effectively, with an emphasis on both opportunity and caution.

When it comes to communicating these complex topics, Ash’s writing is grounded in clarity and depth. He excels at breaking down intricate blockchain concepts into easily digestible information for a wide audience. Whether explaining the workings of decentralized exchanges or outlining the future potential of blockchain technology, Ash ensures that his content is accessible to both those new to the space and experienced participants looking for deeper insights.

Beyond DeFi and NFTs, Ash explores a wide array of emerging blockchain applications. His research spans areas like cross-chain technologies, decentralized governance, and blockchain’s potential to integrate with traditional finance. He is continuously learning and adapting to the latest developments, ensuring that his insights are both timely and relevant. His interest extends to how these technologies are creating new possibilities for decentralization, transparency, and trust in a variety of industries.

Ash’s commitment to engaging with the crypto space firsthand gives him a unique perspective that goes beyond what can be learned from research alone. His practical involvement allows him to stay ahead of the curve, offering readers and enthusiasts a clear and comprehensive understanding of the rapidly evolving world of blockchain. Whether delving into the technical mechanics of DeFi or exploring the cultural impact of NFTs, Ash’s approach is always rooted in curiosity, research, and a desire to make this technology accessible to all.

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