As a seasoned researcher with a keen interest in digital assets and the evolving financial landscape, I find Rumble’s potential move into Bitcoin intriguing. Having witnessed the meteoric rise of cryptocurrencies over the years, I can’t help but feel a sense of deja vu with this development.
On November 19th, following a 9% jump in Rumble Inc (RUM) shares during after-hours trading, the stock hit a peak of $6.20. This surge was triggered by CEO Chris Pavlovski posing a question on X about whether the company should include Bitcoin in its assets. The poll drew 34,714 votes, with a majority voting “Yes.
Notable Bitcoin supporters swiftly weighed in. Jack Mallers, Strike’s CEO, extended assistance, while MicroStrategy Chairman Michael Saylor conferred strategies with Pavlovski. This interaction sparked a rise in Rumble shares, which were previously at $5.68, now trading at $5.78 post-market hours.
Known for its relaxed content guidelines, Rumble boasts a user base of 67 million individuals each month and offers cloud services to platforms such as Truth Social. In September 2022, the company made its debut on the NASDAQ stock exchange.
As of September 30, 2024, Rumble’s financial statement reveals a cash and securities total of $132 million. In the third quarter, the company’s revenue increased by 39% compared to the same period in the previous year, amounting to $25 million. However, this figure fell below the analyst predictions, leading to a decrease in its share prices over the past week.
Should Rumble decide to use Bitcoin, it would become part of an expanding roster of businesses adopting the digital currency. Notably, Genius Group just bought 110 Bitcoins for $10 million in line with their “Bitcoin-focused” approach, while Metaplanet, a Japanese firm, invested $11.3 million into Bitcoin purchases. Even Semler Scientific, a company specializing in medical devices, has expanded its Bitcoin holdings to 1,273 coins.
The possibility that Rumble might adopt Bitcoin underscores the increasing number of companies incorporating digital assets into their financial plans, reflecting a broader trend.
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2024-11-20 07:48