Rumble, an emerging video-sharing platform that has gained popularity among right-leaning and conspiracy-focused audiences, is exploring the possibility of incorporating Bitcoin into its financial portfolio. This development comes after a poll conducted on social media by Rumble’s CEO, Chris Pavlovski, generated considerable interest within the cryptocurrency community. The poll received substantial engagement, with nearly 29,000 participants expressing support for the idea.
Following the poll, Rumble’s stock experienced a notable surge, peaking at $6.20 during after-hours trading on November 19. This increase is a positive shift for the company, which had closed at $5.68 earlier that day, reflecting an overall 2.5% uptick before settling at a 1.76% gain in post-market trading.
Rumble operates its platform with relatively relaxed moderation guidelines and is also known for providing cloud services to other platforms, including Truth Social, owned by former President Donald Trump. With approximately 67 million monthly active users, Rumble has established a significant presence in the digital media landscape since its public debut on the NASDAQ in September 2022. As of September 30, 2024, the company reported a robust balance sheet with around $132 million in cash and marketable securities. Furthermore, it experienced an impressive 39% growth in revenue year-over-year, having generated around $25 million in the third quarter despite falling short of analyst projections.
If Rumble proceeds with adding Bitcoin to its balance sheet, it will align with a broader trend of organizations increasingly adopting cryptocurrencies. For instance, Genius Group made headlines recently for initiating a “ Bitcoin first” strategy, acquiring 110 Bitcoin for $10 million. Similarly, companies like Metaplanet and Semler Scientific have also expanded their Bitcoin holdings significantly, demonstrating the growing acceptance and integration of cryptocurrency in corporate finance.
