TLDR
- Tether increased its stake in Rumble by acquiring 1,063,670 additional shares worth $5.75 million.
- The purchase brings Tether’s total holdings in Rumble to nearly 104.4 million shares, valued at around $680 million.
- Rumble stock surged 14% following Tether’s latest acquisition, despite a 50% drop in share price year-to-date.
- Tether and Rumble have deepened their partnership, including a deal to acquire Northern Data and plans for crypto-related projects.
- Tether’s backing will also help Rumble expand its platform by integrating crypto tipping features for content creators.
Shares of Rumble, the video streaming platform, surged 14% on Monday after Tether acquired an additional 1.1 million shares. The purchase, worth approximately $5.75 million, was disclosed in an SEC filing. Tether’s increased stake has brought its total holdings in Rumble to nearly 104.4 million shares, valued at around $680 million.
Tether Increases Rumble Stock Holdings
Tether Holdings purchased an additional 1,063,670 shares of Rumble last week. The shares were purchased in three separate transactions at prices ranging from $5.38 to $5.46. The recent acquisition was part of Tether’s ongoing investment strategy in Rumble, which now owns 104.4 million shares of the streaming platform.
Tether first entered the Rumble market last year, purchasing over 103 million shares at $7.50 each. At that time, Rumble stock spiked sharply, reaching $10.57 per share. Despite recent gains, Rumble stock has fallen nearly 50% since the beginning of the year, and it now trades at $6.51.
Tether’s ongoing investments have been central to Rumble’s growth and development. In the last few months, the two firms have forged additional partnerships, including joint ventures in high-performance computing. This connection aims to enhance Rumble’s crypto capabilities and broaden its market reach.
Rumble and Tether’s Growing Partnership
Tether and Rumble continue to expand their relationship with a variety of strategic moves. Earlier this month, Tether helped Rumble finalize a deal to acquire Northern Data, an AI and high-performance computing company. As part of the agreement, Tether also pledged to purchase $150 million worth of GPUs from Rumble.
Both firms also announced plans to integrate a crypto tipping feature on Rumble’s platform. This feature will allow users to tip content creators with Bitcoin and USDT, enhancing the platform’s crypto capabilities. Tether and Rumble’s CEOs appeared together at the Plan B Forum in Lugano, Switzerland, to showcase this new initiative.
The recent steps taken by Tether and Rumble further solidify their long-term partnership. Rumble stock continues to reflect these developments, showing an upward trend following Tether’s acquisitions. The future of their alliance may lead to even more integration of cryptocurrency features within Rumble’s ecosystem.
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Source: https://blockonomi.com/rumble-stock-jumps-14-as-tether-increases-stake-by-over-1-million/
