Video platform $Rumble (RUM.US)$ Later on Monday, the company announced that it has approved a financial diversification strategy, allocating some of its excess cash reserves to$Bitcoin (BTC.CC)$and purchasing up to 20 million dollars in bitcoin. Boosted by this news, Rumble's stock rose over 5% in after-hours trading on Monday.

Rumble's chairman and CEO Chris Pavlovski stated in a press release on Monday: "We believe the world is still in the early stages of adopting bitcoin. Unlike any government-issued currency, bitcoin will not be diluted by endless money printing, making it a valuable hedge against inflation and an excellent addition to the company's finances." "We are excited to strengthen our connection with crypto assets and to enhance our efforts to become the leading video and cloud computing service platform in the cryptocurrency community."

Rumble's stock price has risen nearly 63% year to date. Given Rumble's popularity among conservatives, the stock is viewed as one of the trades related to Trump's return to the White House. It is worth mentioning that Rumble went public in 2022 via a special purpose acquisition company led by Cantor Fitzgerald CEO Howard Lutnick, who was nominated by Trump last week for the position of U.S. Secretary of Commerce.

Among U.S. listed companies, it is known for its aggressive bitcoin purchasing strategy.$MicroStrategy (MSTR.US)$Since the beginning of this year, the stock price has increased by over 500%.$Tesla (TSLA.US)$and $Block (SQ.US)$ Previously, bitcoin was also purchased. Since the beginning of this year, two smaller companies—$Semler Scientific (SMLR.US)$And.$Acurx Pharmaceuticals (ACXP.US)$Also purchased bitcoin.

On Monday, bitcoin surged to 0.099 million dollars before turning downward. As of the time of writing, bitcoin is at 0.0946 million dollars. With the Trump administration expected to take a supportive stance on cryptos, investors are closely watching which major company will begin purchasing bitcoin next.

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