Rumble, the video-sharing platform, is considering a big move: adding Bitcoin to its company funds. This decision, initially a playful poll by CEO Chris Pavlovski on X (formerly Twitter), sent its stock price soaring.
A Tweet That Paid Off (Almost)
Pavlovski’s poll asking if Rumble should invest in Bitcoin garnered over 39,000 votes, with a resounding “yes” from the majority. This sparked immediate interest from investors, boosting Rumble’s stock price by 9% in after-hours trading on November 19th, briefly reaching $6.20. While it ended the day at $5.78, the initial surge was significant.
Saylor Weighs In
The poll even caught the attention of MicroStrategy CEO Michael Saylor, a well-known Bitcoin advocate. Saylor publicly offered to advise Rumble on the potential Bitcoin investment, adding fuel to the excitement.
Rumble’s Financial Picture
Rumble, a competitor to YouTube, boasts 67 million active users and a healthy cash reserve of $132 million (as of Q3). While their Q3 revenue of $25 million showed a 39% year-over-year increase, it also represented a 14% decrease from the previous quarter, slightly disappointing analysts.
Joining the Bitcoin Bandwagon
Rumble’s potential Bitcoin investment isn’t unique. Several other tech companies are embracing Bitcoin as part of their financial strategies. Genius Group recently announced a Bitcoin-focused strategy, and companies like MetaPlanet and Semler Scientific have already made significant Bitcoin acquisitions.
The Growing Influence of Crypto
Rumble’s consideration of Bitcoin highlights the increasing mainstream acceptance of cryptocurrencies. The success of companies like MicroStrategy, which has heavily invested in Bitcoin, is inspiring others to explore similar strategies. It seems the crypto world is becoming a bigger player in the traditional financial landscape.
