Rumble shares rose 9 percent as founder collects bitcoin.
Rumble, the YouTube alternative popular with the alt-right and conspiracy theorists, has become the latest company to consider adding bitcoin to its balance sheet.
Shares of Rumble Inc. ( RUM ) rose as much as 9%, hitting a high of $6.20 in afternoon trading on Nov. 19, after founder and CEO Chris Pavlovski previously made the request on X, which received strong support from the crypto community.
“Should Rumble add Bitcoin to its balance sheet?” Pawlowski asked in X's comments, and nearly 29,000 people answered “yes.”
Source: Chris Pavlovski
“Yes. I'm happy to help if needed,” said Jack Mallers, CEO and founder of Bitcoin payment provider Strike.
Michael Saylor, the chairman of Bitcoin (BTC), offered to discuss with Pavlovsky how to buy microstrategy, which Pavlovsky seems to have accepted.
Source: Chris Pavlovski
Shares of Rumble closed up 2.5% on the day at $5.68 before hitting an afternoon high of $6.20, which has now settled at $5.78, a 1.76% gain after the close on Google Financial Markets.
Based in Florida and Ontario, Rumble runs a video sharing platform of the same name known for its lenient content moderation policies. Its cloud services arm also hosts Donald Trump-owned social media platform Truth Social.
Rumble has approximately 67 million monthly active users and will begin public trading on the Nasdaq in September 2022.
In the year As of September 30, 2024, Ramble's cash, cash equivalents and marketable securities were approximately $132 million.
The platform brought in nearly $25 million in revenue in the third quarter, up 39 percent year-over-year.
The shares have fallen since Q3 results were reported last week, in which the company's revenue missed analysts' estimates by 14% and earnings per share (EPS) fell 20% below expectations.
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If Rumble adds bitcoin to its balance sheet, it will join the list of top-performing companies this year.
Artificial intelligence firm Genius Group took the first steps in “Bitcoin first” on November 18, buying 110 Bitcoins for $10 million. Eventually 90% of the reserves will be held in Bitcoin.
Meanwhile, Japan-based Metaplanet bought yet another $11.3 million worth of bitcoins, with Bitcoin Treasuries data showing the firm holds 1142.2 bitcoins as of Nov. 19.
Medical device maker Semler Scientific recently added $17.7 million worth of bitcoins, increasing its holdings to 1,273.
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