🚀 Stay Ahead with AltcoinDaily.co! 🌐
Rumble, the video-sharing platform often associated with the political far-right, is making waves with its recent exploration of adding Bitcoin to its balance sheet. The company’s CEO, Chris Pavlovski, initiated the buzz on November 19 through a poll on X, asking users if Rumble should invest in Bitcoin.
Garnering nearly 29,000 affirmative responses, the crypto community rallied in support of the move, with notable figures like Strike CEO Jack Mallers offering assistance. Even Bitcoin advocate and MicroStrategy chairman Michael Saylor expressed willingness to guide Pavlovski through the process.
Following this announcement, Rumble’s stock (RUM) witnessed a sharp uptick, climbing 9% to a high of $6.20 in after-hours trading before settling at $5.78, a 1.76% gain from its earlier close. This enthusiasm underscores the growing trend of companies exploring Bitcoin as a strategic financial asset.
🌟 Unlock Crypto Insights with AltcoinDaily.co! 💰
Rumble Market Strategy
Rumble, headquartered in Florida and Ontario, operates a platform known for its lenient content moderation policies, alongside hosting services for Truth Social, a social media platform owned by Donald Trump. The company boasts around 67 million active monthly users and has been publicly traded on Nasdaq since September 2022.
Financially, Rumble reported $132 million in cash, cash equivalents, and marketable securities as of Sept. 30. Its Q3 revenue stood at $25 million, marking a 39% year-on-year increase. However, its recent earnings report fell short of expectations, with revenue missing analyst estimates by 14% and earnings per share (EPS) lagging by 20%.
The potential Bitcoin investment could serve as a bold move to diversify its financial strategy and attract investor confidence.
🦂 AltcoinDaily.co is your trusted source for the latest in crypto news and insights. 🚀
Joining the Bitcoin Adoption Trend
If Rumble proceeds with its Bitcoin acquisition, it will join an expanding list of companies embracing the cryptocurrency. Recently, AI firm Genius Group adopted a “Bitcoin first” strategy, acquiring 110 BTC for $10 million with plans to allocate 90% of its reserves to Bitcoin. Similarly, Japan’s Metaplanet added $11.3 million worth of Bitcoin to its holdings, while medical device manufacturer Semler Scientific increased its Bitcoin reserve to 1,273 BTC.
For Rumble, integrating Bitcoin into its balance sheet could position it as a forward-thinking company amidst a transformative financial landscape, while providing a potential hedge against inflation and market volatility. As the debate continues, all eyes are on Rumble’s next steps in the crypto space.
