Rumble shares surged as CEO Chris Pavlovski mentioned that the video streaming company is contemplating the inclusion of Bitcoin in its balance sheet.
Rumble, a YouTube alternative that is particularly popular among conspiracy theorists and the far-right, is the most recent company to contemplate the inclusion of Bitcoin in its balance sheet.
Rumble CEO Considers Buying Bitcoin
After its founder and CEO Chris Pavlovski earlier posed the question on X, which garnered significant support from the crypto community, Rumble Inc (RUM) shares rose by as much as 9%, reaching a high of $6.20 in after-hours trading on Nov. 19.
“Should Rumble include Bitcoin in its balance sheet?” Around 29,000 individuals responded “Yes” to Pavlovski’s inquiry in an X poll.
“Certainly.” Jack Mallers, the CEO and originator of Strike, a Bitcoin payment provider, expressed his willingness to provide assistance if required.
Michael Saylor, the chairman of the Bitcoin BTC tickers down $92,084-buying MicroStrategy, extended an invitation to Pavlovski to engage in a discussion regarding the feasibility of the matter. Pavlovski appears to have accepted the invitation.
As per Google Finance, Rumble shares closed the day at $5.68, a 2.5% increase, before reaching a peak after-hours at $6.20. Since the market close, the shares have fallen to $5.78, a 1.76% gain.
Rumble, a video-sharing platform that is renowned for its permissive content moderation policies, is headquartered in Florida and Ontario. Additionally, the social media platform Truth Social, which is owned by Donald Trump, is hosted by its cloud services division.
In September 2022, Rumble began publicly trading on the Nasdaq and has an estimated 67 million monthly active users.
The Platform Revenue Grows
Rumble’s balance sheet of cash, cash equivalents, and marketable securities was approximately $132 million as of September 30, 2024.
Additionally, the platform generated approximately $25 million in revenue during the third quarter, representing a 39% increase from the previous year.
Its shares have declined since the company’s Q3 results were disclosed last week, during which its revenue missed analyst projections by 14% and its earnings per share (EPS) declined by 20%.
By incorporating Bitcoin into its balance sheet, Rumble would become a part of an expanding group of organizations that have made the decision to invest in the cryptocurrency this year.
On November 18, Genius Group, an artificial intelligence firm, initiated its “Bitcoin first” strategy by purchasing 110 Bitcoin for $10 million. Ultimately, it intends to maintain 90% of its reserves in Bitcoin.
Metaplanet, a Japan-based company, has recently acquired an additional $11.3 million in Bitcoin. According to Bitcoin Treasuries data, the firm currently possesses 1142.2 Bitcoin as of November 19.
Additionally, Semler Scientific, a manufacturer of medical devices, recently acquired $17.7 million in Bitcoin, bringing its total holdings to 1,273.
