Video-sharing platform Rumble (RUM) is moving higher during afternoon U.S. trading hours on Tuesday after CEO Chris Pavlovski suggested an interest in adopting a bitcoin (BTC) treasury strategy.
“Should Rumble add Bitcoin to its balance sheet,” asked Pavlovski on X.
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By itself, the question might have been considered little more than a playful tease, but it quickly drew a response from MicroStrategy’s (MSTR) Michael Saylor, who pioneered corporate bitcoin adoption.
“Yes,” responded Saylor. “I would be happy to discuss why and how with you.” “DM’ing you now,” responded Pavlovski.
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Prior to the exchange, Rumble’s stock had been trading modestly lower on the session, but shares quickly rose to about a 7% gain. At press time, the stock had pulled back somewhat, up 3.3% for the day.
The price of bitcoin on Tuesday notched a new record high, crossing the $94,000 level for the first time — at least in part amid excitement over growing corporate adoption.
A competitor to giant YouTube in the video-sharing business, Rumble posted $25.1 million in revenue in the third quarter, up 39% from year-ago levels. Its balance sheet showed $130.8 million of cash and cash equivalents. The stock is higher by 26% year-to-date and the company sports a current market cap of roughly $1.6 billion.
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