Rumble to receive $775 million strategic investment from Tether

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Video sharing platform and cloud services provider Rumble said on Friday it has entered into an agreement with Tether, a blockchain-enabled platform, to receive a strategic investment of $775 million.

Shares of the Toronto-based company were up 43.7% in trading after the bell.

Cryptocurrencies have soared since Donald Trump won the presidential election. His pro-cryptocurrency stance, including a plan to create a U.S. bitcoin strategic reserve, has stoked the enthusiasm of crypto bulls, leading to a record rally in bitcoin.

Rumble said that following the completion of the transaction, Chris Pavlovski, Rumble’s chairman and CEO, will retain his controlling stake in the company.

While Tether will own a minority position in Rumble’s outstanding common stock, it will not have the right to designate any members of Rumble’s board.

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