Rumble, a video platform popular among conservatives, announced on Monday evening that it will begin channeling part of its surplus cash reserves into bitcoin, with plans to purchase up to $20 million worth of the cryptocurrency.
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| Mustafa Ciftci | Anadolu | Getty Images |
The announcement led to a nearly 4% increase in Rumble's stock during after-hours trading.
In a statement, Rumble's chairman and CEO, Chris Pavlovski, expressed optimism about bitcoin's potential. “We believe the world is still in the early stages of adopting bitcoin,” Pavlovski said.
“Unlike government-issued currencies, bitcoin cannot be diluted through excessive money printing, making it an effective hedge against inflation and a strong addition to our treasury.”
Pavlovski further emphasized the company’s growing commitment to the crypto space, adding, “We’re excited to deepen our connection with the crypto community and solidify our position as the leading video and cloud services platform catering to this market.”
This move aligns Rumble with companies like MicroStrategy, which adopted a robust bitcoin acquisition strategy in 2020. MicroStrategy’s stock, which has surged over 500% in 2024, is often viewed as a proxy for bitcoin.
Other firms, including Tesla and Block, have also invested in bitcoin, while smaller players like Semler Scientific and Acurx Pharmaceuticals have joined the trend this year.
Rumble has also been seen as a platform closely tied to Donald Trump’s political resurgence, given its strong appeal among conservative users. The platform, which went public in 2022 via a SPAC led by Cantor Fitzgerald CEO Howard Lutnick, gained additional attention last week when President-elect Trump selected Lutnick to serve as U.S. Commerce Secretary.
Rumble's stock performance has been strong, climbing nearly 63% this year and showing a 42% increase over the past 12 months.
Bitcoin, meanwhile, recently approached the significant $100,000 threshold but retreated on Monday, dropping by over 3% to approximately $93,000. Despite the pullback, analysts expect the cryptocurrency to reach $100,000 before the year ends, having already more than doubled in value in 2024.
The anticipation of a pro-crypto stance from the incoming Trump administration has intensified interest in identifying the next major company to adopt bitcoin. MicroStrategy chairman and bitcoin advocate Michael Saylor revealed last week during an X Spaces event that he plans to propose his bitcoin treasury strategy to Microsoft’s board in December.
This growing focus on bitcoin has even reached the governmental level. Senator Cynthia Lummis (R-Wyoming) introduced a proposal for a national strategic bitcoin reserve earlier this year, while Trump himself floated the idea of establishing a national bitcoin stockpile over the summer.
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