Rumble is officially joining the race to create a cryptocurrency-led wallet. In a post on Twitter/X by Chris Pavlovsky, Rumble’s CEO, he conducted a poll asking the community if the company should consider adding Bitcoin To her wallet.
The social media poll gained momentum and attracted more than 39,000 votes, with most participants saying “yes” to the proposal.
Pavlovsky’s post immediately caught the attention of traders and market analysts. Rumble Inc (RUM) stock. The stock price jumped 9% during after-hours trading on November 19, briefly reaching an intraday high of $6.20. The video streaming company’s balance sheet shows $132 million in cash and cash equivalents as of the third quarter.
Rumble teases investment in Bitcoin, receives response from Saylor
What started as “playful banter” from Pavlovsky turned into a serious Q&A with MicroStrategy’s Michael Saylor himself. In response to Pavlovsky’s post, Saylor agreed with the community about adding Bitcoin, and even said he would discuss the plans in detail.
Yes. I would be happy to discuss the why and how with you.
– Michael Saylor⚡️ (@saylor) November 19, 2024
Pavlovsky said he was delivering a direct message indicating that the Rumble CEO was either serious or at least investigating the possibilities and intended to seek help from Saylor.
Pavlovsky’s interesting poll attracted a lot of attention from Twitter users. As of this writing, it has received more than 39,400 votes, with more than 93% of users saying “yes.” In trading on November 19, the company’s shares briefly rose to $6.20 before ending the day at $5.78.
Should Rumble add Bitcoin to its balance sheet?
-Chris Pavlovsky (@krispavlovsky) November 19, 2024
Rumble aims to expand its investment portfolio
rumble It is a well-known video sharing service that competes with YouTube. The company also operates a cloud services division that includes Truth Social, a social media network owned by Donald Trump, the next president of the United States.
The YouTube competitor has 67 million active users and joined the 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 generated revenue of $25 million in the third quarter, reflecting a 39% increase year over year. However, the company’s recent financial results disappointed analysts, with revenues down 14%.
BTCUSD trading at $97,125 on the daily chart: TradingView.com
Rumble joins a growing list of tech companies with BTC
If Rumble’s plan goes through, it will join other companies in adding Bitcoin to their portfolios. On November 18, Genius Group announced its plan to pursue a “Bitcoin-focused” strategy and plans to acquire 110 Bitcoins for the first tranche.
Genius Group aims to use 90% of its reserves for the best digital assets. According to Bitcoin Treasuries Data, MetaPlanet recently acquired $11.3 million worth of tokens, bringing its total portfolio to 1,142.2 Bitcoin.
Semler Scientific also joined the fray, purchasing $17.7 million worth of tokens to increase its total to 1,273 BTC.
The fact that Rumble is considering a Bitcoin strategy shows how cryptocurrencies and blockchain are becoming more influential. The recent success of MicroStrategy has led many companies to consider Bitcoin for their asset evaluation and strategies.
Featured image from Invesco, chart from TradingView
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