Rumble, known for its right-wing and conspiracy theorist connections, is considering adding Bitcoin to its balance sheet, causing its shares to rise by 9%.
Rumble's Stock Increase
Rumble Inc (RUM) shares surged nearly 9% to $6.20 in after-hours trading following a question posed by founder and CEO Chris Pavlovski on X about potentially adding Bitcoin to the company's balance sheet, which received strong support from the crypto community.
Bitcoin Plans
Chris Pavlovski asked whether Rumble should add Bitcoin to its balance sheet and received positive feedback. Jack Mallers, CEO and founder of crypto payment provider Strike, expressed readiness to assist, while Michael Saylor, chairman of Bitcoin-buying MicroStrategy, offered to discuss the process with Pavlovski.
Current Financial Performance
As of September 30, 2024, Rumble's balance sheet held approximately $132 million in cash, cash equivalents, and marketable securities. The platform generated roughly $25 million in revenue in the third quarter, marking a 39% year-over-year increase. The company's shares fell after releasing Q3 results that missed analysts' revenue estimates by 14%.
If Rumble adds Bitcoin to its balance sheet, it would join an increasing number of companies making such moves this year.
