Stablecoin issuer Tether announced the investment on Friday 775 million dollars Rumble is a video streaming platform that competes with YouTube, which bills itself as an anti-censorship platform.
company behind USDT The stablecoin called the deal “the ultimate deal,” and it will begin with a seed investment of $250 million in cash.
According to Teter, the deal will see the cryptocurrency company ultimately acquire 103.3 million shares of Rumble common stock. Rumble CEO Chris Pawolski will retain a controlling stake in the streaming platform. At $7.50 per share of common stock, Tether’s $775 million investment in Rumble is expected to close in early 2025.
Following the announcement, Rumble’s RUM stock jumped 40.75% in after-hours trading, currently trading at $10.57. MarketWatch.
Launched in 2013 by tech entrepreneur Chris Pawlowski, Rumble is a video streaming platform focused on free speech. It has become a popular alternative to YouTube for conservative and far-right content creators.
“Tether’s investment in Rumble reflects our shared values of decentralization, independence, transparency and the fundamental right to free expression,” Tether CEO Paolo Ardoino said in a statement. “In today’s world, legacy media is increasingly losing credibility, creating an opportunity for platforms like Rumble to offer a credible, censorship-free alternative.”
Tether and Rumble did not immediately respond to a request for comment Deciphering.
“I truly believe that Tether is the perfect partner to put the rocket pack behind Rumble as we prepare for our next phase of growth,” Rumble Chairman and CEO Chris Pawlowski said in a statement.
Approved by Rumble’s Board of Directors in November Creating a Bitcoin Reserve BTC price rose to $100,000. Rumble said the company plans to buy up to $20 million worth of Bitcoin, including joining other publicly traded companies. MicroStrategy, Marathon Digital Holdingsand Tesla they added Bitcoin to their balance.
“We believe the world is still in the early stages of Bitcoin adoption, which has recently accelerated with the election of a crypto-friendly US presidential administration and increased institutional adoption,” Pawlowski said. “Unlike any other government-issued currency, bitcoin is not diluted through unlimited money printing, allowing it to remain a valuable hedge against inflation and an excellent addition to our coffers.”
Edited by Andrew Hayward
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