Shares of publicly traded video streaming platform Rumble rose more than 14% on Monday following news that stablecoin giant Tether acquired an additional 1 million shares of the company’s stock, valued at about $5.75 million as of Friday’s disclosure.
pulled data From recent SEC filings for Tether Holdings shows that the company acquired an additional 1,063,670 shares of RUM in three separate transactions last week at prices ranging from $5.38 to $5.46.
USDT issuer Tether currently owns approximately 104.4 million shares of Rumble stock based on available SEC filings, and its recent acquisition by RUM for $6.51 values the video company’s stock at approximately $680 million.
last year, Tether announces $775 million investment It granted more than 103 million shares to YouTube rivals at $7.50 per share. RUM also skyrocketed upon this announcement, hitting a peak of $10.57, or an increase of about 40% at the time.
However, despite today’s gains, the stock has fallen steadily since January, resulting in a loss of nearly 50% since the beginning of the year.
Beyond Tether’s initial investment, the pair is still connected these days.
Earlier this month, Tether announced that Rumble Acquires AI and high-performance computing company Northern Data. Tether will also purchase $150 million worth of GPUs from Rumble to help “co-develop tools that empower content creators around the world,” and will invest up to $100 million in advertising through Rumble to drive adoption of the crypto wallet.
In October, the CEOs of both companies appeared together on stage at the Plan B Forum in Lugano, Switzerland, and announced that they would be working together toward their next goals. Add cryptocurrency tip functionalityThis will allow Rumble users to tip creators in Bitcoin and USDT.
Rumble’s cryptocurrency roots have deepened since the company’s founding Announced the creation of a Bitcoin reserve fund in November last year, Following in the footsteps of Strategy (formerly MicroStrategy).
At the end of the third quarter, the company reported holding 210.82 BTC, currently worth approximately $18.5 million.
Bitcoin has gained about 1.9% over the past 24 hours, and was recently trading at $88,392.
