In a bold move that could reshape its financial strategy, Rumble, a rising star in the video-sharing sector, is exploring the possibility of integrating Bitcoin into its asset portfolio. Chris Pavlovski, Rumble’s CEO, took to social media platform X (formerly known as Twitter) to gauge public opinion on this potential shift.
Community Engagement Sparks Interest
The poll conducted by Pavlovski quickly gained momentum, attracting over 39,000 votes. A significant majority of participants expressed support for the idea, signaling a strong community endorsement for Bitcoin’s inclusion. This surge of interest not only engaged the public but also caught the eye of industry experts and traders.
Market Response to Bitcoin Speculation
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Pavlovski’s post generated considerable buzz in the financial markets. On November 19th, Rumble Inc (RUM) saw its shares soar by 9% in after-hours trading, momentarily reaching an intra-day peak of $6.20. This upswing underscores the market’s keen interest in Rumble’s potential Bitcoin venture. As of the third quarter, Rumble’s balance sheet boasts $132 million in cash and cash equivalents.
Rumble’s Engagement with Industry Leaders
Initially intended as a light-hearted engagement, Pavlovski’s poll evolved into a substantial dialogue with Michael Saylor, the CEO of MicroStrategy, a well-known advocate for Bitcoin. Saylor publicly supported the community’s suggestion and expressed his willingness to discuss the Bitcoin strategy in detail.
Rumble’s Ambition to Broaden Its Portfolio
Rumble, a competitor to YouTube, is not just a video-sharing platform; it also operates a cloud services division catering to Truth Social, a social media entity associated with Donald Trump. With a user base of 67 million active users and a recent Nasdaq listing in September 2022, Rumble is strategically positioned for growth. Despite reporting $25 million in third-quarter revenue, a 39% increase from the previous year, analysts were disappointed by a 14% revenue decline.
The Growing Trend of Tech Companies Embracing Bitcoin
Should Rumble proceed with its Bitcoin strategy, it will join the ranks of other tech companies integrating cryptocurrency. Genius Group recently announced a Bitcoin-focused strategy, aiming to acquire 110 Bitcoins in its initial tranche. Meanwhile, MetaPlanet has expanded its Bitcoin holdings to 1,142.2 Bitcoins, and Semler Scientific has invested in 1,273 Bitcoins.
Rumble’s interest in Bitcoin reflects a broader trend of businesses recognizing the transformative potential of cryptocurrencies and blockchain technology. MicroStrategy’s success with Bitcoin has inspired many companies to reconsider their asset strategies, potentially leading to more widespread adoption.
