YouTube competitor Rumble (RUM) is in a deal for a $775 million strategic investment from stablecoin giant Tether.

Rumble will use $250 million of the money to support operations and the remainder to fund a tender offer for up to 70 million shares of its common stock at a price of $7.50, according to a Friday evening press release. That $7.50 is the same price per share Tether is paying for its stake.

“I truly believe Tether is the perfect partner that can put a rocket pack on the back of Rumble as we prepare for our next phase of growth,” said Rumble CEO Chris Pavlovski.

“Legacy media has increasingly eroded trust, creating an opportunity for platforms like Rumble to offer a credible, uncensored alternative,” said Tether CEO Paolo Ardoino. “Beyond our initial shareholder stake, Tether intends to drive towards a meaningful advertising, cloud, and crypto payment solutions relationship with Rumble.”

RUM shares have rocketed higher by 41% in after hours action to $10.13.

It is not known if any of the proceeds will be used to put bitcoin (BTC) on the Rumble balance sheet. Pavlovski in November had teased an interest in his company possibly buying bitcoin.

Tether, the crypto company behind the $140 billion cryptocrrency USDT, is working on an artificial intelligence (AI) platform and aiming to debut early next year, according an X post by CEO Paolo Ardoino.

“Just got the draft of the site for Tether’s AI platform. Coming soon, targeting end Q1 2025,” Ardoino posted on Friday.

Tether is known for issuing USDT, the most popular stablecoin in the market, but the company recently made significant efforts under Ardoino’s leadership to expand its business beyond stablecoin issuance.

Read more: Tether’s Paolo Ardoino: Building Beyond USDT

It invested in several companies across sectors including energy, payments, telecommunications and artificial intelligence, entered into commodities trade financing and reorganized its corporate structure earlier this year to reflect its broadening focus.

Last year, Tether acquired a stake in artificial intelligence and cloud computing firm Northern Data, indicating its growing interest in AI.

While details were scarce about the upcoming AI platform, Tether’s ambition to release a product in the red-hot industry also underscores the growing intersection of crypto and artificial intelligence.

CoinDesk reached out to Tether for more details about the upcoming product, but the company did not reply by press time.

Mo Shaikh, co-founder of Aptos Labs, announced that he’s stepping down as CEO of the company.

Aptos is a layer-1 blockchain that claims to offer enhanced scalability, security and transaction speeds. The platform leverages a unique blockchain programming language called Move, which was originally created for Facebook’s shuttered “Diem” project.

In a lengthy post on X, Shaikh, who co-founded Aptos with Avery Ching three years ago, expressed pride in the progress made by the company, which included raising a mammoth $400 million in venture capital funding and building “one of the most robust ecosystems, trusted by over a thousand builders and innovators around the globe.”

Ching, Shaikh said, will assume the role of CEO and lead the company into its next phase of growth.

In his X post, Shaikh acknowledged the work of Aptos’ partners and investors, including firms like BlackRock, Google, Mastercard and PayPal.

“None of this would have been possible without the unwavering support of our incredible investors. I want to extend my deepest gratitude to Dragonfly, Blocktower, Haun Ventures, Hashed, IRONGREY, a16z, Apollo, Coinbase, Parafi, Scribble, PayPal, Franklin Templeton, and the amazing angels who believed in our vision,” he wrote.

Shaikh said he will remain with the company as a strategic adviser and plans to take time to reflect on the future of blockchain and financial systems. “I will always remain a champion of Aptos and its mission,” he wrote, adding that he will “look forward to continuing to help Aptos maintain its role as the world’s leading blockchain.”