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

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Name	Symbol	Market	Market Cap ($)	Algorithm
Bitcoin	BTCUSD	Crypto	1,913,166,859,187	SHA-256d

Name

Symbol

Market

Market Cap ($)

Algorithm

Bitcoin

BTCUSD

Crypto

1,913,166,859,187

SHA-256d

	Price Change	Price Change %	Current Price	Bid Price	Offer
	-710.68	-0.73%	96,774.40	96,774.40	96,774.41

Price Change

Price Change %

Current Price

Bid Price

Offer

-710.68

-0.73%

96,774.40

96,774.41

High Price	Low Price	Open Price	Prev. Close	52 Week Range
97,400.00	96,355.13	97,362.58	97,485.08	37,500.00 - 99,860.00

High Price

Low Price

Open Price

Prev. Close

52 Week Range

97,400.00

96,355.13

97,362.58

97,485.08

37,500.00 - 99,860.00

Exchange	Last Trade	Size	Trade Price	Currency
GDAX	10:04:09	0.033203	96,774.40	USD

Exchange

Last Trade

Size

Trade Price

Currency

GDAX

10:04:09

0.033203

96,774.40

USD

Price x Volume	Volume	Base Symbol	Related Pairs
221,031,403.75	2,282.88	BTC	BTCEUR	BTCGBP	ETHBTC

Price x Volume

Volume

Base Symbol

Related Pairs

221,031,403.75

2,282.88

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

27/11/2024 3:00am

NEWSBTC

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. Related Reading: Samara Asset Group Eyes $32.8 Million Bond Issuance To Increase Bitcoin Holdings 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. 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: Metaplanet’s Total Bitcoin Holdings Exceed 1,000 BTC Following Latest Purchase 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. Featured image from Unsplash, charts from Yahoo! Finance and Tradingview.com

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