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Rumblea video platform aimed at conservatives, announced Monday evening that it would begin allocating some of its excess cash reserves Bitcoin and make purchases in the cryptocurrency worth up to $20 million.
Shares rose nearly 4% in extended trading.
“We believe the world is still in the early stages of Bitcoin adoption,” Rumble Chairman and CEO Chris Pavlovski said in a statement on Monday. “Unlike any government-issued currency, Bitcoin is not subject to dilution from endless money printing, making it a valuable inflation hedge and an excellent addition to our treasury.”
“We are also excited to strengthen our relationships with crypto and increase our efforts to become the leading video and cloud services platform for the crypto community,” he added.
This move makes Rumble part of the same company as MicroStrategy, which began implementing an aggressive Bitcoin buying strategy in 2020. MicroStrategy shares, up more than 500% in 2024, are trading proxies for Bitcoin. Tesla And block have also bought Bitcoin before. Two smaller companies have made the same move this year: Semler Scientific in May and Acurx Pharmaceuticals last week.
Rumble is seen as a play tied to Donald Trump's return to the White House due to its popularity among conservatives. The alternative to YouTube went public in 2022 through a special purpose vehicle led by Cantor Fitzgerald CEO Howard Lutnick. Last week, President-elect Trump chose Lutnick as U.S. Secretary of Commerce.
Rumble is up nearly 63% this year, and the stock has gained 42% over the past year.
Bitcoin itself, which came within touching distance of $100,000 last week, fell on Monday. It was last down more than 3% at around $93,000, but the flagship cryptocurrency is expected to hit $100,000 later this year. In 2024 it will have more than doubled.
With Trump's new administration expected to take a pro-crypto stance, investors are looking for the next big company to start buying Bitcoin. MicroStrategy chairman and Bitcoin evangelist Michael Saylor said at an X-Spaces event last week that he plans to present his Bitcoin treasury strategy to Microsoft's board in December.
The issue has expanded to the government level this year, with Sen. Cynthia Lummis (R-Wyoming) proposing a national strategic Bitcoin reserve. This summer, Trump also mentioned a possible national Bitcoin stockpile.