The video-sharing platform Rumble is exploring the possibility of integrating Bitcoin into its financial operations, prompting significant market activity.
Support from Bitcoin Advocates
The proposal to add Bitcoin to the balance sheet received strong support from Bitcoin advocates. Jack Mallers, CEO of Strike, expressed his willingness to assist. Michael Saylor, chairman of MicroStrategy, also offered his advice. A poll among users showed that 93.8% support the idea of Bitcoin integration.
Rumble Stock Surge and Financial Highlights
Rumble's shares surged by 9% after the announcement, reaching $6.20. The company, headquartered in Florida and Ontario, went public on Nasdaq in September 2022. As of September 2024, the company's balance sheet included $132 million in cash and marketable securities, and the revenue for the third quarter was $25 million, marking a 39% year-over-year increase.
Wider Trend of Bitcoin Interest
Rumble might become part of a trend where many companies are turning to Bitcoin. For instance, Genius Group recently acquired 110 Bitcoins, while Japanese firm MetaPlanet increased its investment by $11.3 million.
Rumble's potential Bitcoin integration underscores the growing role of cryptocurrencies in corporate financial strategies.
