Rumble Stock Rises as CEO Teases Bitcoin Adoption
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.
01:01
Bitcoin Breaks $64K While Gold Soars
00:56
ETH/BTC Ratio Slid to Lowest Since April 2021
00:57
Is Bitcoin Losing Its Bullish Momentum?
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.
:format(jpg)/cloudfront-us-east-1.images.arcpublishing.com/coindesk/XLTSRSVFUNB57ENZIGRPUTK42E.png)
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.
Disclosure
Please note that our
privacy policy,
terms of use,
cookies,
and
do not sell my personal information
have been updated
.
CoinDesk is an
award-winning
media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of
editorial policies.
CoinDesk has adopted a set of principles aimed at ensuring the integrity, editorial independence and freedom from bias of its publications. CoinDesk is part of the Bullish group, which owns and invests in digital asset businesses and digital assets. CoinDesk employees, including journalists, may receive Bullish group equity-based compensation. Bullish was incubated by technology investor Block.one.
:format(jpg)/s3.amazonaws.com/arc-authors/coindesk/86c43cde-6640-4a7c-98af-5e25273f0e17.png)
