Rumble formally joins the race to create a crypto-led wallet. In a Twitter/X post from Rumble CEO Chris Pavlovski, a survey was conducted asking the community if the company should consider Bitcoin to his portfolio.
The social media poll gained popularity and attracted more than 39,000 votes, with most respondents saying ‘yes’ to the proposal.
Pavlovsky’s post immediately caught the attention of traders and market analysts. Rumble Inc (RUM) stock rose 9% in after-hours trading on November 19, briefly reaching an intra-day high of $6.20. The video streaming company’s balance sheet shows $132 million in cash and cash equivalents as of the third quarter.
Rumble Teases Bitcoin Investment, Gets Backlash From Saylor
What started as a “playful banter” from Pavlovsky became a serious question-and-answer affair with MicroStrategy’s Michael Saylor himself. In response to Pavlovski’s post, Saylor agreed with the community’s views on adding Bitcoin and even said he would discuss the plans in detail.
Yes. I would be happy to discuss the how and why with you.
— Michael Saylor⚡️ (@saylor) November 19, 2024
Pavlovski said he was delivering a direct message, implying that Rumble’s CEO is serious or at least exploring options and plans to ask Saylor for help.
Pavlovsky’s playful survey attracted a lot of attention from Twitter users. At the time of writing, it had collected over 39,400 votes, with over 93% of users saying ‘Yes’. In trading on November 19, the company’s shares briefly peaked at $6.20 before ending the day at $5.78.
Should Rumble Add Bitcoin to Its Balance Sheet?
— Chris Pavlovski (@chrispavlovski) November 19, 2024
Rumble wants to expand its portfolio
Clutter is a well-known video sharing service that competes with YouTube. The company also operates a cloud services division with Truth Social, a social media network owned by Donald Trump, the next president of the United States.
The YouTube competitor has 67 million active users and joined Nasdaq last September 2022. As of the end of the third quarter, the company’s balance sheet contains $132 million in cash and cash equivalents.
Rumble earned $25 million in revenue in the third quarter, representing a 39% increase in revenue from last year. However, the company’s recent financial results disappointed analysts as revenue fell 14%.
BTCUSD trading at $97,125 on the daily chart: TradingView.com
Rumble joins a growing list of tech companies with BTC
If Rumble’s plan goes ahead, it will join other companies in adding Bitcoin to their portfolios. On November 18, Genius Group announced its plan to pursue a “Bitcoin-focused” strategy and plans to acquire 110 Bitcoins for the first tranche.
The Genius Group aims to use 90% of its reserves on the best digital assets. According to Bitcoin Treasuries Data, MetaPlanet recently acquired $11.3 million worth of tokens, bringing its total portfolio to 1,142.2 Bitcoin.
Semler Scientific also joined the fray, purchasing $17.7 million worth of tokens to bring the total to 1,273 Bitcoins.
The fact that Rumble is considering a Bitcoin strategy shows how crypto and blockchain are becoming increasingly influential. MicroStrategy’s recent success has led many companies to consider Bitcoin for their own asset and strategy evaluations.
Featured image of Invesco, chart from TradingView