Rumble Inc. (RUM) saw its stock rise 9% in after-hours trading on November 19, following a provocative tweet from CEO Chris Pavlovski about adding Bitcoin to the company’s balance sheet. Shares spiked from $5.68 to $5.78, briefly reaching $6.20 as investors reacted to the possibility of the streaming platform embracing cryptocurrency.
The CEO’s tweet, which polled the platform’s followers on whether Rumble should adopt Bitcoin, garnered over 34,700 votes, with the majority voting in favor. This sparked enthusiasm from key Bitcoin advocates, including Jack Mallers, CEO of Strike, who offered assistance, and Michael Saylor, Chairman of MicroStrategy, who engaged with Pavlovski on potential strategies.
Rumble’s Financials and Growing User Base
Rumble, which operates with a relatively relaxed content policy, boasts 67 million monthly active users and provides cloud services to platforms like Truth Social. The company went public in September 2022, listing on Nasdaq.
As of September 30, 2024, Rumble reported $132 million in cash and securities, while its Q3 revenue grew 39% year-over-year to $25 million, despite missing analyst expectations. This disappointment led to a dip in shares last week, but the Bitcoin discussion has reignited investor interest.
Bitcoin Adoption Among Companies Grows
Should Rumble move forward with Bitcoin, it would join a growing number of companies adopting the cryptocurrency as part of their financial strategies. Notable firms such as Genius Group, which bought 110 Bitcoin for $10 million, and Japan’s Metaplanet, which invested $11.3 million, have already made significant Bitcoin purchases. Medical device manufacturer Semler Scientific also recently increased its Bitcoin holdings to 1,273 coins.
Rumble’s potential embrace of Bitcoin signals a broader trend of businesses incorporating digital assets into their financial portfolios, reflecting the growing mainstream acceptance of cryptocurrencies.
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