Bitcoin For Balance Sheets: Video Company’s Bold Move Sends Stock Soaring

Rumble is formally joining the race to create a crypto-led portfolio. In a Twitter/X post by Chris Pavlovski, Rumble CEO, ran a poll to ask the community whether the company should consider adding Bitcoin to its portfolio.

The social media poll gained traction and attracted more than 39,000 votes, with most respondents saying “Yes” to the proposal.

Pavlovski’s post immediately caught the attention of traders and market analysts. Rumble Inc (RUM) shares jumped 9% during after-hours trading on November 19th, briefly hitting an intra-day high of $6.20. The video streaming company’s balance sheet shows $ 132 million in cash and cash equivalents as of Q3.

Rumble Teases Bitcoin Investment, Gets Response From Saylor

What started as a “playful tease” from Pavlovski became a serious question-and-answer with MicroStrategy’s Michael Saylor himself. Responding to Pavlovski’s post, Saylor agreed with the community’s opinion to add Bitcoin and even said he would discuss the plans in detail.

Yes. I would be happy to discuss why & how with you.

— Michael Saylor (@saylor) November 19, 2024

Pavlovski said that he was delivering a direct message implying that the Rumble CEO is either serious or at least investigating the possibilities and intends to seek Saylor for assistance.

Pavlovski’s playful poll attracted a lot of attention from Twitter users. As of this writing, it had garnered over 39,400 votes, with over 93% of the users saying “Yes.” In November 19th trading, the company’s shares briefly spiked 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 Aims To Expand Portfolio

Rumble is a well-known video-sharing service that competes with YouTube. The company also runs a cloud services division that features Truth Social, a social media network that is 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 carries $132 million in cash and cash equivalents.

Rumble earned $25 million in revenue for the third quarter, reflecting a 39% compared to last year. However, the company’s recent financial results disappointed analysts, as revenues fell by 14%.

If Rumble’s plan pushes through, it will join other companies in adding Bitcoin to their portfolios. On November 18th, Genius Group announced its plan to pursue a “Bitcoin-focused” strategy and plans to acquire 110 Bitcoins for its first tranche.

The Genius Group aims to use 90% of its reserves for the top digital asset. According to Bitcoin Treasuries Data, MetaPlanet has recently acquired $11.3 million worth of tokens, pushing its total portfolio to 1,142.2 Bitcoin.

Semler Scientific also joined the fray, buying $17.7 million worth of tokens to boost its total to 1,273 Bitcoins.

The fact that Rumble is considering a Bitcoin strategy shows how crypto and blockchain are becoming more influential. The recent success of MicroStrategy has many businesses considering Bitcoin for their own asset and strategy evaluations.

Featured image from Invesco, chart from TradingView