Rumble has secured a “rocket pack” that will set it up for the next phase of its growth. The streaming hub known for its focus on free speech and its right-wing leanings has hauled in a $775 million strategic investment from Tether, the digital assets company behind the world’s most-traded cryptocurrency.
Approximately one-third ($250 million) of the investment will go toward Rumble’s operations. The 11-year-old, publicly traded company has been hunting for assets since it enjoyed a breakout moment on Election Day. That’s when right-wing pundits on Rumble, including Dan Bongino and Steven Crowder, drove the platform to its biggest single-day viewership ever.
In the ensuing weeks, Rumble’s stock price surged, and rumors began to swirl regarding the platform’s potential appeals for more funding. Forbes noted that Rumble had used up the majority of its $300 million backing from its 2022 SPAC merger. Some of that money was used to recruit conservative celebrities like Donald Trump Jr. and Dilbert creator Scott Adams, who inked deals with the platform.
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Tether has come through to alleviate Rumble’s funding concerns. Tether’s namesake currency is a stablecoin (a crypto asset tied to a separate reference asset) whose value is tied to the U.S. dollar; it reportedly has $118.4 billion in reserves and accounts for more trading volume than any other stablecoin.
The financial transaction unites two companies that focus on themes like free speech and financial freedom. “Tether’s investment in Rumble reflects our shared values of decentralization, independence, transparency, and the fundamental right to free expression,” said Tether CEO Paolo Ardoino in a statement.
Rumble CEO Chris Pavlovski will retain a controlling stake in his company. “I truly believe Tether is the perfect partner that can put a rocket pack on the back of Rumble as we prepare for our next phase of growth,” Pavlovski stated.
Beyond the $250 million that will go toward Rumble’s operations, the investment will also fund a self-tender offer for Rumble stakeholders. Per Cryptopolitan, the Rumble board of directors approved investing up to $20 million in excess cash reserves in Bitcoin.
Rumble is not the only streaming hub with ties to the crypto industry. Kick, which emerged in 2022 as a serious rival for Twitch, has ties to the crypto gambling hub Stake.
The re-election Donald Trump has triggered a massive boom in the crypto market. Rumble’s biggest creators backed Trump and his platform, aiding his return to the Oval Office.
Therefore, it makes sense to see Rumble increasing its investment in cryptocurrencies. The platform boasts early backing from Vice President-elect J.D. Vance‘s venture firm Narya and a presence in the Trump cabinet via board member David Sacks — Trump’s AI and crypto czar — so it and its new business partner Tether are well-positioned to benefit once the new administration takes effect.
