Rumble shares rise as YouTube rival considers buying BTC
Rumble may buy BTC
Rumble, a competitor to YouTube, may soon become another company to add Bitcoin to its balance sheet. The company’s stock reacted positively to the news, posting significant gains.
According to Cointelegraph, it all started when Rumble’s founder and CEO, Chris Pavlovski, posed a question on the X platform: "Should Rumble add Bitcoin to its balance sheet?" The initiative sparked interest in the crypto community, with 29,000 people voting "Yes."
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The idea gained support from notable figures in the crypto world. Strike CEO Jack Mallers responded, "Yes. Happy to help if needed." MicroStrategy founder Michael Saylor also offered to discuss the steps necessary for implementation, a proposal Pavlovski appeared keen to consider.
Following the poll, shares of Rumble Inc (RUM) jumped by 9% during after-hours trading on November 19, reaching a high of $6.20 before adjusting to $5.78.
What is Rumble?
Based in Florida and Ontario, Rumble operates a video-sharing platform known for its lenient content moderation policies. Its cloud services also support the social media platform Truth Social, owned by newly elected U.S. President Donald Trump.
Rumble has approximately 67 million monthly active users. It went public on Nasdaq in September 2022. As of September 30, 2024, the company reported $132 million in cash and equivalents. Revenue for the third quarter was roughly $25 million, a 39% year-on-year increase.
If Rumble adds Bitcoin to its balance sheet, it will join a growing list of companies embracing cryptocurrencies.
Earlier, Nasdaq-listed Cosmos Health announced a strategy to accumulate Bitcoin and Ethereum as reserve assets, showing a clear trend of businesses integrating crypto into their financial operations.
