Rumble, the video platform often associated with conservative and far-right audiences, is exploring the idea of adding Bitcoin to its financial reserves.
The company’s stock (RUM) saw a jump of up to 9%, reaching $6.20 during after-hours trading on Nov. 19. This spike came after founder and CEO Chris Pavlovski raised a question on the social media platform X (formerly Twitter), asking followers:
“Should Rumble add Bitcoin to its balance sheet?”
The poll garnered significant attention, with around 29,000 votes supporting the move.
Jack Mallers, the CEO of Bitcoin payments company Strike, voiced his encouragement by replying, “Yes. Happy to help if needed.” Michael Saylor, executive chairman of MicroStrategy—a firm known for its massive Bitcoin holdings—also offered his guidance, which Pavlovski appeared to accept.
Before the after-hours rally, Rumble’s shares had closed at $5.68, up 2.5% for the day. After peaking at $6.20, the price settled at $5.78, a 1.76% increase from the day’s close, according to Google Finance.
Rumble’s Background and Performance
Operating out of Florida and Ontario, Rumble is a video-sharing platform that has drawn users due to its relaxed content moderation policies. It also provides cloud hosting services and supports Truth Social, the platform owned by Donald Trump.
With roughly 67 million active users each month, Rumble has been publicly traded on the Nasdaq since September 2022. As of the end of Q3, the company reported $132 million in cash and liquid assets on its balance sheet.
Rumble generated $25 million in revenue during the third quarter of this year, reflecting a 39% year-over-year increase. However, the company’s stock has faced pressure since its Q3 results were released last week. Revenue missed analyst projections by 14%, and earnings per share fell short by 20%, leading to a drop in its share price.
The Case for Bitcoin
If Rumble proceeds with adding Bitcoin to its reserves, it would join a growing list of companies adopting the cryptocurrency as a key financial asset.
On Nov. 18, AI-focused company Genius Group purchased 110 Bitcoin for $10 million, marking the beginning of its strategy to hold 90% of its reserves in the cryptocurrency. Meanwhile, Japanese firm Metaplanet increased its holdings with a $11.3 million Bitcoin purchase, bringing its total to 1,142.2 BTC. Similarly, medical device manufacturer Semler Scientific recently expanded its Bitcoin reserves to 1,273 BTC, worth $17.7 million.
With Bitcoin gaining traction as a corporate asset, Rumble’s potential move could further cement its alignment with innovative and unconventional financial strategies.
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