Shares of Rumble Inc. rocketed higher after hours on Friday after the right-leaning video platform said it landed a $775 million investment from Tether, a giant in the crypto world whose digital assets help fuel trading but have faced scrutiny from analysts and regulators.

Tether's move to buy a large stake in Rumble signals its ambitions to expand both its technological and political ambitions.

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.

The video platform, which hosts content creators like gamer Dr. Disrespect, conservative host Dan Bongino and Dana White's Power Slap, will receive $250 million, with the remaining going to a tender offer.

Stablecoin issuer Tether has committed $775 million to rising streaming video platform Rumble, which has adopted a Bitcoin reserve strategy.

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.

Tether has invested $775 million in Rumble, YouTube's closest competitor. The agreement will see Tether benefiting from adverts and other packages.