Rumble eyes Bitcoin for its balance sheet, stock soars in after-hours trading

Additionally, Rumble Inc (RUM) shares surged by 9% in after-hours trading on Nov. 19, reaching a high of $6.20.

Bitcoin advocates back Rumble’s potential BTC move

Rumble considers Bitcoin adoption as it expands its financial footprint

Headquartered in Florida and Ontario, Rumble operates a video-sharing platform known for its minimal content moderation. Its cloud services division also hosts Truth Social, the social media platform owned by Donald Trump.

The company generated $25 million in revenue during Q3 2024, a 39% year-over-year increase. However, recent financial results missed analyst expectations, with revenue falling short by 14% and earnings per share (EPS) underperforming by 20%.

If Rumble follows through, it will join a growing list of companies turning to Bitcoin this year.

On November 18, artificial intelligence firm Genius Group implemented its “Bitcoin-first” strategy, acquiring 110 Bitcoin for $10 million. The company aims to allocate 90% of its reserves to Bitcoin. Similarly, Japan-based MetaPlanet purchased an additional $11.3 million worth of Bitcoin, bringing its total holdings to 1,142.2 BTC, per Bitcoin Treasuries data.

Medical device manufacturer Semler Scientific recently increased its Bitcoin holdings, adding $17.7 million to reach 1,273 BTC.

Rumble’s potential Bitcoin adoption highlights the cryptocurrency’s growing role as a reserve asset, even as companies in various sectors weigh the risks and rewards of holding digital currencies.