Rumble, the video platform popular among conservatives, announced on Monday evening that it plans to allocate up to $20 million of its excess cash reserves into bitcoin as part of a new treasury strategy. This move marks a significant step for the platform, which aims to capitalize on the growing interest in cryptocurrency and position itself as a major player in the digital economy. Following the announcement, Rumble’s shares rose nearly 4% in after-hours trading.
Chris Pavlovski, Rumble’s chairman and CEO, emphasized the company’s belief that the world is still in the early stages of bitcoin adoption. He explained 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 expressed excitement about strengthening Rumble’s ties to the cryptocurrency community, underscoring the company’s ambition to become the leading video and cloud services platform for crypto enthusiasts.
Rumble’s decision to purchase bitcoin aligns it with other high-profile companies that have adopted similar strategies. MicroStrategy, a business intelligence firm, began aggressively purchasing bitcoin in 2020 and has since seen its shares rise more than 500% in 2024, trading as a proxy for the cryptocurrency. Other notable companies such as Tesla and Block have also made significant bitcoin investments. Smaller companies, like Semler Scientific and Acurx Pharmaceuticals, have followed suit this year.
The timing of Rumble’s announcement also coincides with growing speculation surrounding the potential impact of a pro-crypto stance from President-elect Donald Trump’s administration. Rumble has become increasingly linked to Trump’s return to the White House due to its popularity among conservative users. The platform went public in 2022 through a special purpose acquisition company (SPAC) led by Cantor Fitzgerald CEO Howard Lutnick, who was recently chosen by Trump to be the U.S. Commerce Secretary. Rumble’s stock has surged by nearly 63% this year, with a 42% increase over the past 12 months.
Bitcoin itself experienced a slight pullback on Monday, retreating by more than 3% to around $93,000 after nearing the $100,000 mark last week. However, experts believe the flagship cryptocurrency is on track to reach $100,000 before the year ends, with its value having more than doubled in 2024.
Rumble’s bitcoin investment comes as the crypto landscape continues to evolve, with industry leaders like MicroStrategy’s Michael Saylor and U.S. lawmakers such as Senator Cynthia Lummis advocating for the establishment of national bitcoin reserves. As the cryptocurrency market gains traction, investors are closely watching which companies will follow in Rumble’s footsteps and embrace bitcoin as a key component of their financial strategies.
