Rumble (ticker RUM), the Tether-backed alternative video streaming platform, purchased its first tranche of bitcoin buys on Friday, according to Rumble founder and CEO Chris Pavlovski. In November, the firm announced plans to purchase up to $20 million worth of bitcoin to diversify its treasury.
The announcement comes on inauguration day for incoming President Donald Trump, who has signaled he would support a U.S. domestic crypto industry, including by potentially creating a “strategic reserve” of crypto tokens.
“On Friday, Rumble $RUM made its first ever purchase of Bitcoin $BTC. It won’t be the last,” Pavlovski posted on X.
In late December, the world’s largest stablecoin issuer, Tether, made a $775 million “strategic investment” in the right-leaning streaming platform Rumble, with $250 million of the funds “to support growth initiatives.” Rumble has approximately 70 million monthly active users.
Earlier this month, Rumble said it entered into a cloud services agreement with the Government of El Salvador, where Tether is setting up its new headquarters. Rumble's cloud services business hosts Truth Social, which is majority-owned by Trump.
Notable figures within the Trump orbit, including Peter Thiel, Vivek Ramaswamy and Vice President-elect JD Vance, invested in Rumble in 2021 at a $500 million valuation.
RUM is up over 5% on the day and nearly 80% since Tether made its investment. The stock is trading hands at $12.90 at press time.
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