As a seasoned analyst with years of experience navigating the volatile world of digital assets and public markets, I find Rumble’s potential move to add Bitcoin to its balance sheet intriguing. While Rumble has been known for its lenient content moderation policies and association with far-right and conspiracy theorists, its financial decisions should not be solely judged based on this context.
Rumble, a video platform often favored by right-wing groups and conspiracy theorists, is mulling over the idea of incorporating Bitcoin into their financial holdings.
As a researcher, I experienced a significant surge in Rumble Inc (RUM) shares during the after-hours trading on November 19th, reaching an impressive peak of $6.20. This upward trend was likely fueled by a question posed earlier by our founder and CEO, Chris Pavlovski, on platform X, which garnered robust backing from the crypto community.
In a recent poll by Pavlovski, approximately 29,000 individuals expressed their support for the idea of Rumble incorporating Bitcoin into its financial holdings.
Indeed, I’m ready to lend a hand whenever you need it,” expressed Jack Mallers, the CEO and founder of Bitcoin transaction service Strike.
Michael Saylor, head of Bitcoin (BTC) acquiring company MicroStrategy, proposed a discussion with Pavlovski on potential collaboration, and it seems that Pavlovski has agreed to this proposal.
As a crypto investor, I saw Rumble’s shares end the day with a 2.5% rise, closing at $5.68. Post-market hours, the price soared to an impressive $6.20, but has now settled back slightly to $5.78 – still representing a 1.76% increase since the market closed, according to Google Finance.
Headquartered in both Florida and Ontario, Rumble operates a video-sharing platform under the same name, distinguished by its relaxed content moderation guidelines. Additionally, the company’s cloud services division serves as the host for Truth Social, the social media platform owned by Donald Trump.
Rumble boasts approximately 67 million monthly active users, and it made its public trading debut on the Nasdaq in September of 2022.
By September 30, 2024, the total amount of cash, cash equivalents, and marketable securities held by Rumble was roughly $132 million.
Additionally, during the third quarter, the platform generated approximately $25 million, marking a 39% increase compared to the same period last year.
The company’s stock has been declining ever since it released its Q3 results a week ago. These results showed that its revenue failed to meet analyst predictions by 14%, while its Earnings Per Share (EPS) also fell below projections by 20%.
Should Rumble opt to incorporate Bitcoin into its financial holdings, it would find itself among an expanding roster of firms that have made a similar move in the current year.
Genius Group, an artificial intelligence company, initiated its “Bitcoin-centric” plan on November 18th by investing $10 million to acquire 110 Bitcoins. Their long-term goal is to have 90% of their total reserves represented by Bitcoin.
Recently, Metaplanet, based in Japan, has purchased an additional $11.3 million in Bitcoin. According to Bitcoin Treasuries data, their current holdings amount to 1,142.2 Bitcoins as of November 19th.
In a recent move, the medical equipment manufacturer, Semler Scientific, has recently invested $17.7 million in Bitcoin, bringing their total Bitcoin holdings up to 1,273 units.
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2024-11-20 03:55