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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.
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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.
Read more: MARA Holdings Upsizes Convertible Notes Offering by $150M Amid Overwhelming Investor Demand
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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Exchange Review - March 2025
CoinDesk Data's monthly Exchange Review captures the key developments within the cryptocurrency exchange market. The report includes analyses that relate to exchange volumes, crypto derivatives trading, market segmentation by fees, fiat trading, and more.
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Trading activity softened in March as market uncertainty grew amid escalating tariff tensions between the U.S. and global trading partners. Centralized exchanges recorded their lowest combined trading volume since October, declining 6.24% to $6.79tn. This marked the third consecutive monthly decline across both market segments, with spot trading volume falling 14.1% to $1.98tn and derivatives trading slipping 2.56% to $4.81tn.
- Trading Volumes Decline for Third Consecutive Month: Combined spot and derivatives trading volume on centralized exchanges fell by 6.24% to $6.79tn in March 2025, reaching the lowest level since October. Both spot and derivatives markets recorded their third consecutive monthly decline, falling 14.1% and 2.56% to $1.98tn and $4.81tn respectively.
- Institutional Crypto Trading Volume on CME Falls 23.5%: In March, total derivatives trading volume on the CME exchange fell by 23.5% to $175bn, the lowest monthly volume since October 2024. CME's market share among derivatives exchanges dropped from 4.63% to 3.64%, suggesting declining institutional interest amid current macroeconomic conditions.
- Bybit Spot Market Share Slides in March: Spot trading volume on Bybit fell by 52.1% to $81.1bn in March, coinciding with decreased trading activity following the hack of the exchange's cold wallets in February. Bybit's spot market share dropped from 7.35% to 4.10%, its lowest since July 2023.
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Dek: This article is created to test tags being added to image overlays
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- Ethena's USDe becomes fifth stablecoin to surpass $10 billion market cap in just 609 days, while Tether's dominance continues to slip.
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