** Shares of video sharing platform and cloud services provider Rumble RUM.O rise 45.4% to $10.43 premarket
** Co said on Friday it had entered into an agreement with Tether to receive a strategic investment of $775 mln
** Blockchain-enabled platform Tether has agreed to purchase over 103.3 mln shares of RUM Class A Common Stock at a price of $7.50/share
** RUM to use $250 mln of proceeds to support growth initiatives and remaining proceeds to fund a self-tender offer for up to 70 mln of its Class A Common Stock, at the same price
** Earlier, co's board approved a plan to buy up to $20 mln in bitcoin from its cash reserves
** RUM, backed by venture capitalist Peter Thiel and U.S. Vice President-elect JD Vance, through Narya Capital, has $2.04 bln market cap, according to LSEG data
** The Tether token is the world's largest stablecoin and the third-largest cryptocurrency, with market value of over $139.8 billion according to CoinGecko
** Cryptocurrencies have soared after Donald Trump's victory in the U.S. presidential election on hopes of a friendlier regulatory environment
** As of last close, RUM up 60.13% YTD
(Reporting by Sanchayaita Roy in Bengaluru)
((Sanchayaita.roy@thomsonreuters.com))
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