** 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))