PANews reported on December 21 that the stablecoin issuer Tether has made a $775 million 'strategic investment' in the video-sharing platform Rumble. This move seems to indicate that Rumble is deepening its focus on the cryptocurrency industry, as the company announced last month that it would allocate up to $20 million of its excess cash reserves to Bitcoin.
Rumble announced that it will utilize $250 million to 'support growth plans'. The remaining funds will be used to acquire up to 70 million Class A common shares at a price of $7.50 per share, which is the same price as Tether's investment. Rumble's Chairman and CEO Chris Pavlovski will retain his controlling stake in the company and has stated that he will not sell more than 10 million shares. Tether will purchase a total of 103,333,333 shares.