Update (Nov. 26 at 1 am UTC): This article has been updated with more background on Rumble’s announcement and other companies that have recently adopted Bitcoin.
YouTube alternative Rumble has become the latest company to confirm plans to add Bitcoin to its balance sheet, just days after its CEO teased the idea on social media.
In a Nov. 25 statement, the video-sharing platform said its board of directors approved the strategy, allocating a portion of the company’s excess cash reserves to Bitcoin (BTC) at the discretion of the company and up to $20 million total.
Rumble chairman and CEO Chris Pavlovski teased the idea of adding Bitcoin to Rumble’s balance sheets with a Nov. 19 poll on X. Out of 43,790 votes, 93.9% of respondents voted yes to the proposal.
According to Rumble, the date for its first Bitcoin purchase will be “determined by management in its discretion and will depend on several factors,” such as the wider crypto market conditions, price of Bitcoin and cash needs of the platform.
Source: Chris Pavlovski
“We believe that the world is still in the early stages of the adoption of Bitcoin, which has recently accelerated with the election of a crypto-friendly US presidential administration and increased institutional adoption,” Pavlovski said.
“Unlike any government-issued currency, Bitcoin is not subject to dilution through endless money-printing, enabling it to be a valuable inflation hedge and an excellent addition to our treasury,” he added.
Rumble said the allocation strategy could be suspended, discontinued or modified at any time for any reason.
However, the company also stressed the move emphasizes its “belief in Bitcoin as a valuable tool for strategic planning and is designed to accelerate the company’s expansion into cryptocurrency.”
During the same trading session as the announcement, Rumble (RUM) shares spiked 12.63% to $7.31, according to Google Finance.
In the after-hours trading session, the stock has continued to climb another 5.47% to $7.71.
Rumble shares have risen a total of 18.10% in the last 24 hours, climbing to $7.71. Source: Google Finance
Rumble is a video-sharing platform with roughly 67 million monthly active users and is known for having a more lenient approach to content moderation than other similar services.
Firms continue to explore adding Bitcoin to balance sheets
Rumble joins the growing list of other firms that have taken the plunge and added Bitcoin to their balance sheets this year.
Michael Saylor’s MicroStrategy is top of the list with 331,200 Bitcoin, worth roughly $36 billion, according to MicroStrategy’s Portfolio Tracker, Saylor Tracker.
Bitcoin mining firm MARA Holdings, previously Marathon Digital, shared in a Nov. 18 news release, that it was offering $700 million in convertible senior notes in part to acquire more Bitcoin.
Related: MicroStrategy buys $4.6B of Bitcoin as price nears all-time high
On Nov. 18, tech solution provider Semler Scientific said it acquired an additional 215 Bitcoin for $17.7 million in cash between Nov. 6 and 15, increasing its total holdings to 1,273.
Artificial intelligence firm Genius Group also took steps on Nov. 18, purchasing 110 Bitcoin for $10 million, with plans to have its reserves hold up to 90% Bitcoin in the future.
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