Rumble shares rise 9% as founder mulls scooping up Bitcoin
Summary
Rumble is considering adding Bitcoin to its balance sheet, following a poll by CEO Chris Pavlovski on X, which garnered significant support from the crypto community. Rumble shares rose as much as 9% to $6.20 in after-hours trading on November 19, closing at $5.68 before settling at $5.78, reflecting a 1.76% gain. The platform has approximately 67 million monthly active users and reported $25 million in revenue for Q3, a 39% year-on-year increase, despite missing analyst estimates. Rumble's cash and marketable securities totaled around $132 million as of September 30, 2024. Other companies, like Genius Group and Metaplanet, have recently invested in Bitcoin, indicating a trend among firms to diversify their reserves with cryptocurrency.
