Rumble CEO Considers Adding Bitcoin to the Company’s Balance Sheet
Highlights:
- Rumble explores Bitcoin adoption, gaining 93.8% support in an X poll of 37,516 votes.
- Rumble’s stock surged 9% post-announcement, highlighting crypto’s impact on company valuations.
- Growing corporate adoption fuels Bitcoin’s rise, reaching a record $94,000 on Tuesday.
Rumble Inc. (RUM), a competitor to YouTube’s giant in the video-sharing business, is exploring adding Bitcoin to its balance sheet. On November 19, Rumble’s CEO Chris Pavlovski asked on X whether the company should add Bitcoin. The poll received overwhelming support from the crypto community. Out of 37,516 respondents, 93.8% voted “yes”, while 6.2% voted “no”.
Lets put this in a poll format…
Should Rumble add Bitcoin to its balance sheet?
— Chris Pavlovski (@chrispavlovski) November 19, 2024
On the day of the announcement, Rumble’s stock rose by 2.5%, closing at $5.68. After-hours trading saw the stock price climb to a peak of $6.20, a 9% increase. On Tuesday, Bitcoin reached a new record high, surpassing $94,000 for the first time. This surge was fueled in part by growing excitement over corporate adoption.
Bitcoin Advocates Support Rumble’s Potential BTC Adoption
Prominent Bitcoin advocates quickly shared their views. Jack Mallers, CEO of Strike, supported adding Bitcoin to Rumble’s balance sheet and offered his help. MicroStrategy’s founder and chairman, Michael Saylor, offered to discuss the process, and Pavlovski seems to have agreed.
Yes. I would be happy to discuss why & how with you.
— Michael Saylor⚡️ (@saylor) November 19, 2024
Rumble, recognized for its flexible content policies, has 67 million monthly users and offers cloud services to platforms like Truth Social. The platform went public on the Nasdaq in September 2022. As of September 30, 2024, Rumble’s balance sheet shows $132 million in cash and securities. Its Q3 revenue grew 39% year-over-year to $25 million, though it missed analyst expectations, leading to a dip in its shares last week.
More Companies Embrace Bitcoin
On November 18, AI firm Genius Group adopted a “Bitcoin-first” strategy, purchasing 110 Bitcoin for $10 million. The company intends to allocate 90% of its reserves to Bitcoin. Genius intends to allocate 90% of its reserves to BTC. Meanwhile, Japan-based MetaPlanet bought an additional $11.3 million in Bitcoin, bringing its total holdings to 1,142.2 BTC, according to Bitcoin Treasuries data.
A medical device manufacturer, Semler Scientific, recently expanded its Bitcoin holdings by $17.7 million, bringing its total to 1,273 BTC. Rumble’s potential adoption of Bitcoin underscores the cryptocurrency’s increasing role as a reserve asset. Companies across various industries are assessing the risks and benefits of holding digital currencies.
Microstrategy’s Saylor to Present Bitcoin Investment Proposal to Microsoft
Moreover, Michael Saylor has agreed to give a brief presentation on Bitcoin investment to Microsoft’s board. Speaking in a Nov. 19 X Spaces hosted by VanEck, Saylor revealed that an activist had invited him to deliver a three-minute presentation, a proposal he gladly accepted.
Michael Saylor to present to Microsoft's board next month on adding #Bitcoin to their corporate treasury.
Shareholder activists secured him a 3-minute slot for the pitch. pic.twitter.com/nrayrMMmqF
— TFTC (@TFTC21) November 19, 2024
Saylor stressed the importance of Bitcoin investments for major corporations like Berkshire Hathaway, Apple, Google, and Meta. He pointed out their large cash reserves and the potential to boost shareholder value. His presentation will target Microsoft’s board, which includes CEO Satya Nadella and executives from Citigroup, GSK, Disney, and Wells Fargo.
Saylor said:
“It would be a lot more stable stock and a much less risky stock if half of the enterprise value of the stock was based upon tangible assets or property like Bitcoin. So I think there’s a great argument to be made. I think shareholders should make it.”
Saylor has publicly urged Microsoft to add Bitcoin to its treasury, believing it could generate “the next trillion dollars” for shareholders.
Hey @SatyaNadella, if you want to make the next trillion dollars for $MSFT shareholders, call me. pic.twitter.com/NPnVvL7Wmj
— Michael Saylor⚡️ (@saylor) October 25, 2024
Syed Ali Haider
Syed Ali Haider is a contributing crypto writer for Crypto2Community. He is a crypto and blockchain journalist with over six years of experience. Syed Ali is a Blockchain enthusiast and writer passionate about enhancing the acceptance, adoption, and integration of Blockchain technology worldwide. He has also advocated for digital freedom and cybersecurity for many years. Haider has been featured in a number of high-profile crypto and finance outlets, including Coincult and more.
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