Rumble Inc., a video-sharing platform, is considering adding Bitcoin to its corporate balance sheet. The company’s CEO, Chris Pavlovski, sparked interest by posting a poll on social media platform X asking users if Rumble should adopt Bitcoin.
The poll received overwhelming support, with 93.8% of the 37,516 respondents voting. Following this announcement, Rumble’s stock surged by 9% in after-hours trading on November 19, reaching $6.20 before stabilizing at $5.78.
Crypto community rallies behind Rumble’s Bitcoin initiative
The idea of Rumble incorporating Bitcoin has drawn significant backing from key figures in the cryptocurrency space. Jack Mallers, CEO of Strike, expressed his support and offered assistance to the company. Similarly, Michael Saylor, chairman of MicroStrategy and a well-known advocate for Bitcoin adoption, also volunteered to advise Pavlovski. The CEO appeared open to their input, fueling further speculation that Rumble could become the next corporation to hold Bitcoin as a reserve asset.
The response from the crypto community highlights the growing acceptance of Bitcoin as a strategic financial tool for businesses. The move could position Rumble alongside other firms shifting to Bitcoin-backed reserves, showcasing the cryptocurrency’s expanding influence.
Rumble’s financial landscape and potential Bitcoin adoption
Rumble, headquartered in Florida and Ontario, operates a video platform known for its hands-off content moderation policies. The company also provides cloud hosting services, including for Donald Trump’s Truth Social. In its Q3 2024 financial report, Rumble disclosed $132 million in cash, cash equivalents, and marketable securities.
The company reported $25 million in revenue during the third quarter of 2024, a 39% increase compared to the previous year. However, its financial performance fell short of market expectations, missing revenue projections by 14% and underperforming earnings-per-share estimates by 20%. Exploring Bitcoin could represent a bold step in diversifying Rumble’s financial strategy while aligning with the practices of other forward-thinking companies.
Bitcoin’s growing role in corporate reserves
If Rumble proceeds with Bitcoin adoption, it will join a growing list of companies integrating cryptocurrency into their financial models. Recently, Genius Group allocated 90% of its reserves to Bitcoin, purchasing 110 BTC for $10 million. Similarly, MetaPlanet added $11.3 million worth of Bitcoin to its holdings, while medical device maker Semler Scientific increased its reserves by $17.7 million to hold 1,273 BTC.
Despite ongoing debates about the risks and benefits of holding digital currencies, the growing trend reflects Bitcoin’s appeal as a long-term asset for corporate treasuries. Rumble’s potential move signals the increasing importance of Bitcoin across diverse industries.
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