Conservative video platform Rumble rolled out a new treasury strategy Monday, which includes plans to buy up to $20 million in bitcoin. The company intends to allocate some of its excess cash reserves to the cryptocurrency. During after-hours trading, the stock of Rumble saw nearly a 4% gain from this news.
Rumble’s chairman and CEO, Chris Pavlovski, discussed long-term value in bitcoin. “We still believe the world is in the very early stages of embracing bitcoin. And one of the interesting aspects of bitcoin is that it doesn’t really have inflationary pressures, so it’s a great hedge for rising costs.” It’s a wonderful asset to hold within the treasury of the company.” He also mentioned how the company was eagerly excited about deepening its connection with the crypto space and developing it into a prominent video and cloud service provider in that domain.
This strategic decision positions Rumble in the ranks of companies such as MicroStrategy, Tesla, and Block, which have already adopted bitcoin as a crucial component of their corporation’s treasury strategy. MicroStrategy has, for example been identified to have acquired the bitcoin aggressively since 2020, while its equity had jumped more than 500% in 2024 because of the increased power of the cryptocurrency on the value of its corporation. Some of the other small firms that have followed such strategies this year include Semler Scientific and Acurx Pharmaceuticals.
The stock of Rumble, publicly traded by Cantor Fitzgerald CEO Howard Lutnick since 2022, has more than doubled over the last year, nearly up 63% in 2024.
Of course, lots of attention is directed towards the company as its popularity ascends across conservative audiences and in relation to former President Donald Trump’s political movement.
In a notable development, Trump’s recent selection of Lutnick as the U.S. Commerce Secretary has further raised expectations that Rumble may have a significant role in the pro-crypto agenda expected under a potential Trump administration.
As bitcoin continues to gain momentum—having recently reached near the $100,000 mark—investors are keeping an eye on other companies that may follow suit in acquiring the cryptocurrency. Some, like MicroStrategy’s Michael Saylor, have even taken their advocacy for bitcoin to the highest corporate levels, with Saylor set to pitch a bitcoin treasury strategy to Microsoft’s board next month. Meanwhile, discussions about a national bitcoin reserve are also gaining traction, with figures like Senator Cynthia Lummis and former President Trump proposing the idea of a U.S. government-backed bitcoin stockpile.