{"id":23376,"date":"2024-11-21T14:40:26","date_gmt":"2024-11-21T14:40:26","guid":{"rendered":"https:\/\/www.bitrabo.com\/discover\/?p=23376"},"modified":"2024-11-21T14:40:26","modified_gmt":"2024-11-21T14:40:26","slug":"bitcoin-boost-video-firms-daring-strategy-propels-stock-prices-to-new-heights","status":"publish","type":"post","link":"https:\/\/www.bitrabo.com\/discover\/bitcoin-boost-video-firms-daring-strategy-propels-stock-prices-to-new-heights\/","title":{"rendered":"Bitcoin Boost: Video Firm’s Daring Strategy Propels Stock Prices to New Heights"},"content":{"rendered":"\n

Rumble is officially entering the crypto arena with plans to potentially add Bitcoin to its portfolio. This was initiated by a Twitter poll from CEO Chris Pavlovski, asking followers if the company should invest in Bitcoin<\/a>.<\/p>\n

The poll gained significant engagement, drawing over 39,000 responses, predominantly in favor of the proposal.<\/p>\n

This announcement prompted a positive reaction from traders and analysts, leading to a 9% increase in Rumble Inc (RUM) shares during after-hours trading on November 19, peaking at $6.20. As of the third quarter, the company reported having $132 million in cash and equivalents.<\/p>\n

<\/span>Rumble Explores Bitcoin Possibility, Engaging with Saylor<\/span><\/h2>\n

What began as a lighthearted poll from Pavlovski turned into a meaningful exchange with Michael Saylor of MicroStrategy. Saylor expressed his support for the idea of Rumble investing in Bitcoin and indicated a willingness to discuss the details further.<\/p>\n

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Yes. I would be happy to discuss why & how with you.<\/p>\n

\u2014 Michael Saylor (@saylor) November 19, 2024<\/a><\/p>\n<\/blockquote>\n

Pavlovski’s poll drew substantial engagement, indicating serious interest or at least consideration from him about Bitcoin investment, potentially looking to Saylor for guidance.<\/p>\n

As of now, the poll’s votes exceeded 39,400, with more than 93% in agreement. Following the announcement, shares rose to $6.20 but closed at $5.78.<\/p>\n

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Should Rumble add Bitcoin to its balance sheet?<\/p>\n

\u2014 Chris Pavlovski (@chrispavlovski) November 19, 2024<\/a><\/p>\n<\/blockquote>\n

<\/span>Rumble Looks to Diversify<\/span><\/h2>\n

Rumble<\/a> is a prominent platform that offers video-sharing services as a competitor to YouTube. It also includes a cloud services branch and operates Truth Social, a social media site backed by Donald Trump, a frontrunner in the upcoming presidential election.<\/p>\n

With 67 million active users, Rumble went public on Nasdaq in September 2022. By the end of the third quarter, it had $132 million in cash and equivalents.<\/p>\n

The platform generated $25 million in revenue for the last quarter, marking a 39% increase year-on-year, although it fell short of analyst expectations with a 14% revenue drop compared to previous figures.<\/p>\n

<\/p>\n

Rumble Joins the Trend of Companies Adopting Bitcoin<\/p>\n

If Rumble decides to proceed with its Bitcoin strategy, it would align with a growing trend among tech firms. Recently, Genius Group declared its intention to follow a \u201cBitcoin-focused\u201d path, planning to acquire 110 Bitcoins as its initial investment.<\/p>\n

Genius Group plans to allocate 90% of its reserves toward Bitcoin. Meanwhile, MetaPlanet recently made headlines by acquiring $11.3 million in Bitcoin, increasing its total to 1,142.2 Bitcoins. Semler Scientific is also involved, purchasing $17.7 million in Bitcoins, raising its total holdings to 1,273.<\/p>\n

Rumble\u2019s potential interest in Bitcoin illustrates the expanding role of cryptocurrencies and blockchain technology. Following MicroStrategy’s success, many firms are evaluating Bitcoin as a viable asset for their investment strategies.<\/p>\n

Image source from Invesco; chart from TradingView<\/em><\/p>\n