Rumble CEO Teases Adding Bitcoin to Company’s Balance Sheet, Sparking 9% Stock Rise

The CEO of YouTube’s competitor Rumble teased exposure to the pioneering cryptocurrency Bitcoin, attracting a reaction from BTC advocate Michael Saylor. The development originated with CEO Chris Pavlovski’s November 19 tweet enquiring if Rumble should add Bitcoin to its balance sheet. Pavlovski then added a poll in a separate tweet, asking users to vote for or against Rumble creating a strategic reserve for the leading cryptocurrency.However, things got interesting when MicroStrategy’s chairman and Bitcoin advocate, Michael Saylor, commented on the tweet. Saylor responded to Pavlovski’s question, affirming that the video-sharing platform should hold a Bitcoin stash.Notably, Saylor not only recommended the asset but also volunteered to walk Pavlovski and Rumble through the procurement process. The CEO showed interest in the venture, stating he would discuss further details with Saylor privately. https://twitter.com/saylor/status/1858945523258159169Rumble’s Stock Soars 9%Following the discussion, Rumble’s stock quickly gained bullish momentum, soaring 9% to $5.93. However, the stock (RUM) has relinquished most of the gains, keeping just 2.53% of it to trade at $5.68 at the time of writing.Notably, Rumble’s stock could rally further if the video-sharing firm adopts Bitcoin as a strategic reserve. This pattern has persistently played out among publicly traded firms holding the premier crypto asset.For instance, Metaplanet’s stock (3350.T) has increased substantially since adopting MicroStrategy’s Bitcoin playbook. The stock has surged over 450% since May and is up a staggering 1,313% year-to-date.Another valid example is MicroStrategy’s stock performance. MSTR is up 528% YTD, outperforming major traditional companies and even Bitcoin’s 109% appreciation since January. Notably, MSTR trades at an all-time price high of $430, mirroring Bitcoin’s bullish momentum.Other Firms Adopting BitcoinMeanwhile, the adoption of Bitcoin as a strategic reserve is becoming common among public companies and states following the asset’s bullish momentum and the United States' similar stance .For context, e-commerce platform LQR House announced it would adopt Bitcoin as a treasury asset, noting it would launch the reserve with a $1 million Bitcoin purchase. Pharmaceutical firm Cosmos Health also revealed on Monday that it would store part of its reserve in Bitcoin and Ethereum.Furthermore, states like Pennsylvania and Florida have proposed investing part of their funds in Bitcoin, holding it as a reserve asset. The latter plans to dedicate 10% of its $7 billion state fund to Bitcoin.