Rumble Considers Bitcoin Adoption as It Expands Its Financial Footprint

Rumble, a video-sharing platform, is exploring the idea of adding Bitcoin to its balance sheet, prompting significant market activity.

Rumble (NASDAQ:RUM) is exploring the possibility of adding Bitcoin to its balance sheet, a move that has sparked interest among crypto enthusiasts and traders.

On Saturday evening, Rumble CEO Chris Pavlovski took to Twitter to ask the community whether the company should add BTC. The poll quickly garnered attention, with over 37,000 votes cast within a few hours.

The vast majority of respondents supported the idea of Rumble adding Bitcoin to its balance sheet, with 93.8% voting "Yes" and only 6.2% selecting "No."

If Rumble does decide to add BTC, it will join a growing list of companies that have taken this step in 2023.

On Friday, Genius Group (NYSE:GNS) announced that it had purchased 110 Bitcoin for $10 million, as part of its "Bitcoin-first" strategy. The company aims to allocate 90% of its reserves to the leading cryptocurrency.

Meanwhile, MetaPlanet Holdings (OTCMKTS:MPET) purchased an additional $11.3 million worth of Bitcoin, bringing its total holdings to 1,142.2 BTC, according to data from Bitcoin Treasuries.

Among the Bitcoin advocates who commented on Rumble's potential BTC move were Jack Mallers, CEO of Bitcoin payment firm Strike. Mallers expressed his agreement that Rumble should add Bitcoin to its balance sheet and offered to help if needed.

"I agree, Rumble should add Bitcoin to its balance sheet. I'm happy to help if you need anything, Chris," Mallers wrote on Twitter.

Another prominent Bitcoin supporter, MicroStrategy (NASDAQ:MSTR) chairman Michael Saylor, also chimed in, offering to advise Pavlovski on the matter.

"I'm happy to advise you on this, Chris. It's a prudent financial decision that will benefit Rumble and its shareholders in the long run," Saylor said in response to Pavlovski's query.

Pavlovski appeared receptive to the suggestion, replying to Saylor, "Thank you Michael. I appreciate the offer and will certainly reach out if we decide to proceed with adding BTC to our balance sheet."

Rumble shares surged in after-hours trading on Friday, November 19, as the company's potential Bitcoin adoption became a hot topic of discussion.

According to Google Finance, Rumble shares closed up 2.5% at $5.68 before peaking at $6.20 after hours. They eventually stabilized at $5.78, still marking a 1.76% increase since the market close.

If Rumble follows through on its consideration to add Bitcoin, the move will likely be closely watched by both crypto enthusiasts and mainstream investors, as it could serve as a further indication of the growing acceptance and role of cryptocurrency as a reserve asset.