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Rumble Stock Rises as CEO Teases Bitcoin Adoption
The YouTube competitor had about $131 million of cash and cash equivalents on its balance sheet as of the end of the third quarter.
Updated Nov 19, 2024, 8:20 p.m. Published Nov 19, 2024, 8:17 p.m.
Video-sharing platform Rumble (RUM) is moving higher during afternoon U.S. trading hours on Tuesday after CEO Chris Pavlovski suggested an interest in adopting a bitcoin treasury strategy.
"Should Rumble add Bitcoin to its balance sheet," asked Pavlovski on X.
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By itself, the question might have been considered little more than a playful tease, but it quickly drew a response from MicroStrategy's (MSTR) Michael Saylor, who pioneered corporate bitcoin adoption.
"Yes," responded Saylor. "I would be happy to discuss why and how with you." "DM'ing you now," responded Pavlovski.
Prior to the exchange, Rumble's stock had been trading modestly lower on the session, but shares quickly rose to about a 7% gain. At press time, the stock had pulled back somewhat, up 3.3% for the day.
The price of bitcoin on Tuesday notched a new record high, crossing the $94,000 level for the first time — at least in part amid excitement over growing corporate adoption.
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A competitor to giant YouTube in the video-sharing business, Rumble posted $25.1 million in revenue in the third quarter, up 39% from year-ago levels. Its balance sheet showed $130.8 million of cash and cash equivalents. The stock is higher by 26% year-to-date and the company sports a current market cap of roughly $1.6 billion.
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