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Rumble, the video-sharing platform that is particularly popular among conservatives, has disclosed its intention to incorporate Bitcoin into its balance sheet. This move confirms a strategy to designate a portion of its excess cash reserves to the cryptocurrency.
The decision was announced mere days after Rumble CEO Chris Pavlovski suggested the possibility on social media. On November 25, the company’s board of directors authorized the decision to permit the purchase of up to $20 million in Bitcoin. Management will determine the timeline and quantity of the purchases based on factors such as market conditions and liquidity requirements.
Pavlovski conducted a poll on X (formerly Twitter) to determine the level of support for the initiative. The proposal was supported by 93.9% of 43,790 respondents. The initial Bitcoin purchase will be made at the discretion of management, contingent upon a variety of market factors, according to Rumble.
“We believe that the world is still in the early stages of the adoption of Bitcoin, which has recently accelerated with the election of a crypto-friendly US presidential administration and increased institutional adoption,” Pavlovski said. “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,” he added.
Rumble emphasized that the allocation strategy could be suspended, modified, or discontinued at any time for any reason. The company also highlighted that this decision underscores its “belief in Bitcoin as a valuable tool for strategic planning and is designed to accelerate the company’s expansion into cryptocurrency.”
Rumble’s stock was up 12.63% to $7.31 during regular trading following the announcement. The stock continued to appreciate in after-hours trading, gaining an additional 5.47% to $7.71. Rumble shares have increased by 18.10% in the past 24 hours.
Rumble has established itself as an alternative video platform with more permissive content moderation policies than its competitors, boasting 67 million monthly active users. The company has been garnering attention as a prospective play associated with the return of Donald Trump, as a result of its prominence among conservative audiences.
