- Rumble’s share soared 9% as the firm mulled adopting a BTC strategy.
- Over 90% of X users supported the proposal, but will it sail through?
As a seasoned crypto investor who’s been through the bull and bear markets, I can’t help but feel a sense of excitement when I see a company like Rumble considering adding Bitcoin to its treasury. The potential benefits are enormous, as we’ve seen with MicroStrategy. However, I’m not blind to the risks involved, especially after RUM’s recent Q3 earnings plunge.
In my role as a researcher, I’d like to highlight an intriguing observation from yesterday’s trading session: There was a notable 9% increase in the shares of Rumble, a video streaming platform that competes with Twitch, during U.S. market hours.
The rally followed the founder’s plan to add Bitcoin [BTC] to its corporate treasury.
Chris Pavloski, as CEO of Rumble, initiated a survey (previously known as Twitter’s poll) to gauge public opinion and receive comments about his proposed idea.
As a fellow crypto enthusiast, I’ve been inspired by Michael Saylor’s groundbreaking approach to Bitcoin as a corporate asset via MicroStrategy. Recently, he broadened the scope of a poll on his Twitter account (X), inviting more voices into the conversation about the future of digital assets.
“Should $RUM add #Bitcoin to its Balance Sheet?”
Results? Unsurprisingly, over 90% of X users voted for Rumble to add BTC to its treasury.
As a crypto investor, I should clarify that while positive outcomes might be promising, they don’t automatically translate into BTC being added to Rumble’s balance sheet. Since Rumble is a publicly-traded company, any proposal for such an action would require approval from its board of directors, who have the authority to either accept or decline it.
Since embracing a Bitcoin strategy in 2020, MicroStrategy’s stock (MSTR) has significantly increased and surpassed the performance of every other company in the S&P 500 Index.
This might be the reason behind the recent surge of companies trying to emulate Mastercard’s achievements for the benefit of their investors, a phenomenon often referred to as “fear of missing out” in the corporate world.
As of press time, RUM’s price rally had cooled off slightly after rallying to $6 on Tuesday.
Rumble share price action
It’s important to mention that the latest Q3 earnings report led to a significant drop in the stock’s price by approximately 25%, settling at a yearly support level of around $5.
It’s yet unclear if the interest on Bitcoin (BTC) will help drive a price increase towards $6.5 or even $7, potentially reversing its recent declines.
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2024-11-21 00:07