The video platform Rumble announced Monday evening that it will allocate a portion of its excess cash reserves to bitcoin, with plans to purchase up to $20 million worth of the cryptocurrency.
Following the news, Rumble’s shares climbed more than 2% in extended trading.
“We believe that the world is still in the early stages of the adoption of bitcoin,” said Rumble chairman and CEO Chris Pavlovski in a statement. “Unlike any government-issued currency, bitcoin is not subject to dilution through endless money-printing, enabling it to be a valuable inflation hedge and an excellent addition to our treasury.” Pavlovski also highlighted the company’s ambition to strengthen ties with the crypto community, aiming to become a leading platform for video and cloud services catering to crypto users.
This move places Rumble alongside companies like MicroStrategy, which adopted an aggressive bitcoin-buying strategy in 2020. MicroStrategy’s shares have surged over 500% in 2024, often trading as a proxy for bitcoin. Other notable companies, including Tesla and Block, have also made significant bitcoin purchases. This year, Semler Scientific and Acurx Pharmaceuticals followed suit.
Rumble went public in 2022 through a SPAC led by Cantor Fitzgerald CEO Howard Lutnick. Last week, President-elect Trump named Lutnick as his pick for U.S. Commerce Secretary. Rumble’s stock has performed strongly, up nearly 63% this year and 42% over the past 12 months.
Meanwhile, bitcoin itself has shown strong growth, briefly nearing the $100,000 mark last week before retreating to around $93,000, down over 3% on Monday. Analysts still expect the cryptocurrency to cross the $100,000 milestone by year-end, having more than doubled in 2024.
With Trump’s administration anticipated to adopt a pro-crypto stance, investors are closely watching for the next major company to follow Rumble’s lead. MicroStrategy chairman and bitcoin advocate Michael Saylor recently announced plans to pitch Microsoft on a similar bitcoin treasury strategy. On a broader scale, Sen. Cynthia Lummis (R-Wyoming) has proposed a national strategic bitcoin reserve, an idea Trump echoed this summer by mentioning a potential national bitcoin stockpile.
