Tether, the issuer of the world’s most popular stablecoin, USDT, has announced a strategic investment of $775 million in Canadian video hosting and cloud storage platform Rumble. The move aims to promote decentralized and community-owned media platforms.

Tether Announces $775 Million Strategic Investment in Rumble ( @rumblevideo ) to Boost Decentralized and Community-Owned Media Platforms

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— Tether (@Tether_to) December 20, 2024

“The investment includes an initial $250 million cash contribution and Tether’s support for a tender offer to acquire up to 70 million Rumble shares at $7.50 per share, bolstering the platform’s development plans. The total investment will amount to approximately $775 million or 103,333,333 common shares,” the press release stated.

The deal is expected to close in the first quarter of 2025. Rumble’s CEO and Chairman Chris Pavlovski will retain a controlling stake in the company.

Rumble shares are traded on Nasdaq under the ticker RUM. The platform is widely known for its partnership with Trump Media & Technology Group, which includes the development of the Truth Social network.

Rumble has gained popularity among Americans with conservative and far-right political views, often aligning with the alt-tech movement. The platform has approximately 67 million active users.

In the third quarter of 2024, Rumble reported $25.1 million in revenue, a 39% increase compared to the same period last year. However, the company’s net loss also grew to $31.5 million, up from $29 million the previous year.