Rumble is considering purchasing up to $20 million in bitcoin as part of a new treasury strategy.

The conservative video platform announced Monday evening that it plans to allocate a portion of its excess cash reserves to Bitcoin and make purchases of up to $20 million in the cryptocurrency.

Shares rose more than 2% in extended trading.

"According to Rumble chairman and CEO Chris Pavlovski, who made a statement on Monday, the world is still in the early stages of adopting bitcoin. Unlike any government-issued currency, bitcoin is not subject to dilution through endless money-printing, making it a valuable inflation hedge and an excellent addition to treasury."

He added, "We are thrilled to enhance our relationship with crypto and intensify our efforts to establish ourselves as the premier video and cloud services platform for the crypto community."

In 2020, MicroStrategy began aggressively buying bitcoin, and its shares, which have increased by more than 500% in 2024, are now seen as a proxy for the cryptocurrency. This year, two smaller companies, Semler Scientific in May and Acurx Pharmaceuticals last week, have also followed suit and purchased bitcoin.

Rumble, a conservative-friendly alternative to YouTube, has been linked to Donald Trump's reelection campaign due to its popularity among conservatives. The company went public in 2022 through a special purpose acquisition company led by Cantor Fitzgerald CEO Howard Lutnick, who was recently appointed as U.S. Commerce Secretary by President-elect Trump.

Nearly 63% increase in value has been achieved by Rumble this year, while it gained 42% in the previous year.

Bitcoin, which nearly reached the $100,000 milestone last week, experienced a decline on Monday. It fell by more than 3% to around $93,000, but it is predicted to reach the $100,000 mark before the end of the year. Bitcoin has more than doubled in value in 2021.

As the incoming Trump administration is predicted to adopt a pro-crypto stance, investors are closely monitoring the next major corporation to start purchasing bitcoin. Last week, during an X Spaces event, MicroStrategy chairman and bitcoin advocate Michael Saylor disclosed that he intends to present his bitcoin treasury strategy to Microsoft's board in December.

This year, the theme has expanded to the government level, with Sen. Cynthia Lummis (R-Wyoming) suggesting a national strategic bitcoin reserve and Trump mentioning a potential national bitcoin stockpile in the summer.