Rumble’s Stock Soars on CEO’s Hint at Bitcoin Treasury Strategy
Tuesday’s trading session saw video-sharing platform Rumble’s stock surge, driven by a tantalizing prospect: adopting a bitcoin treasury strategy. CEO Chris Pavlovski sparked the excitement by asking on X, “Should Rumble add Bitcoin to its balance sheet?” The question alone might have been dismissed as a casual musing, but it caught the attention of MicroStrategy’s Michael Saylor, a pioneer in corporate bitcoin adoption.
A Conversation Worth Having
Saylor responded with a resounding “Yes” and offered to discuss the why and how with Pavlovski. The Rumble CEO promptly replied, “DM’ing you now.” This exchange marked a turning point in the trading session, as Rumble’s stock had been trading modestly lower before the conversation began. Shares subsequently rose to a 7% gain, eventually pulling back to a 3.3% increase by the end of the day.
Bitcoin’s Record High
Meanwhile, bitcoin’s price reached new heights, crossing the $94,000 level for the first time. The growing excitement around corporate adoption played a significant role in this milestone. As a competitor to YouTube, Rumble has been making strides in the video-sharing business, with a 39% year-over-year revenue increase in the third quarter to $25.1 million.
A Strong Balance Sheet
Rumble’s balance sheet boasts an impressive $130.8 million in cash and cash equivalents, providing a solid foundation for potential future investments. The company’s stock has seen a 26% year-to-date increase, with a current market cap of approximately $1.6 billion. As the conversation around bitcoin treasury strategies continues, investors will be watching Rumble’s next move closely.
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