Rumble is officially entering the competition to establish a crypto-oriented portfolio. In a Twitter/X announcement by Chris Pavlovski, the CEO of Rumble, a poll was conducted to inquire whether the community believes the company should contemplate integrating Bitcoin into its portfolio.
The poll on social media gained momentum and attracted over 39,000 votes, with the majority of participants responding “Yes” to the initiative.
Pavlovski’s message quickly drew the attention of traders and market experts. Rumble Inc (RUM) stock surged by 9% during after-hours trading on November 19th, hitting an intra-day peak of $6.20. The video streaming firm’s financial statement reveals $132 million in cash and cash equivalents as of the third quarter.
Rumble Hints at Bitcoin Investment, Receives Feedback from Saylor
What began as a “light-hearted jab” from Pavlovski evolved into a serious dialogue with MicroStrategy’s Michael Saylor. In response to Pavlovski’s tweet, Saylor concurred with the community’s sentiment to incorporate Bitcoin and even expressed willingness to further discuss the plans.
Absolutely. I’d be glad to elaborate on why & how with you.
— Michael Saylor⚡️ (@saylor) November 19, 2024
Pavlovski hinted that he was sending a clear signal regarding the seriousness of Rumble’s leadership towards exploring potential opportunities, and that he intends to engage Saylor for support.
Pavlovski’s entertaining survey managed to capture significant interest from Twitter users. At the time of writing, it had accumulated over 39,400 votes, with more than 93% of respondents answering “Yes.” During trading on November 19th, the company’s stock spiked momentarily at $6.20 before concluding the day at $5.78.
Should Rumble add Bitcoin to its balance sheet?
— Chris Pavlovski (@chrispavlovski) November 19, 2024
Rumble Aims To Enlarge Its Portfolio
Rumble is a prominent video-sharing platform competing with YouTube. The firm also operates a cloud services sector that includes Truth Social, a social media network owned by Donald Trump, the upcoming president of the United States.
The competitor to YouTube boasts 67 million active users and became publicly traded on Nasdaq in September 2022. By the conclusion of the third quarter, the company’s financial records reflect $132 million in cash and cash equivalents.
Rumble generated $25 million in revenue during the third quarter, representing a 39% increase compared to the previous year. Nevertheless, the company’s latest financial outcomes did not meet analysts’ expectations, as revenues decreased by 14%.
BTCUSD trading at $97,125 on the daily chart: TradingView.com
Rumble Joins the Expanding Roster of Tech Corporations With BTC
The Genius Group plans to allocate 90% of its reserves towards this leading digital asset. According to Bitcoin Treasuries Data, MetaPlanet has recently obtained $11.3 million worth of tokens, increasing its total holdings to 1,142.2 Bitcoin.
Similarly, Semler Scientific entered the market by purchasing $17.7 million in tokens, raising its total to 1,273 Bitcoins.
The consideration by Rumble of a Bitcoin strategy highlights the increasing significance of crypto and blockchain. The recent triumph of MicroStrategy has prompted many enterprises to evaluate Bitcoin for their asset and strategy considerations.
Featured image from Invesco, chart from TradingView