Written by Ciaran Lyonsstaff writerReviewed by Felix Ngstaff editorTether pours $775M into video-sharing platform Rumble
Latest NewsPublishedDec 21, 2024
Tether has announced a $775 million strategic investment with video sharing platform Rumble just weeks after the platform announced it would be adding Bitcoin to its balance sheet.
Tether, the issuer of the world’s largest stablecoin by market cap, has invested $775 million into Rumble, an alternative platform to YouTube known for not censoring content.
“Tether deeply believes in the fundamental values of freedom of speech and financial freedom,” Tether CEO Paolo Ardonio said in a Dec. 20 X post.
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“Our strategic investment in Rumble greatly underscores Tether’s focus in supporting technology and companies that empower humans, delivering independence and resilience to our society,” Ardonio said.
Ardonio said he was optimistic about what Rumble CEO Chris Pavlovski and his team have built and looks forward to collaborating on a “shared vision.” Tether and Rumble plan to collaborate on an advertising, cloud, and crypto payments solution relationship.
Echoing a similar sentiment, Pavlovski said in a Dec. 20 X post that he has never been more excited for the future and intends to keep pushing against the world’s largest video-sharing platform, YouTube:
“YouTube, lookout. I’m coming for your monopolistic market share globally.”
Following the announcement, Rumble’s (RUM) share price surged 51.60% during after-hours trading, reaching $10.90 by the time of publication, according to Google Finance data.
Rumble Inc share price has surged 51.60% in after-hours trading. Source: Google Finance
On Nov. 25, Cointelegraph reported that Rumble confirmed plans to add Bitcoin (BTC) to its balance sheet, just days after its Pavlovski teased the idea on social media.
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The video-sharing platform said its board of directors approved the strategy, allocating a portion of the company’s excess cash reserves to Bitcoin at the company’s discretion and up to $20 million total.
Pavlovski teased the idea of adding Bitcoin to Rumble’s balance sheets with a Nov. 19 poll on X. Out of 43,790 votes, 93.9% of respondents voted yes to the proposal.
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