Bitcoin: Rumble stock rallies 9% as founder mulls adding BTC to treasury
Bitcoin corporate strategy FOMO continues with Rumble as the latest likely candidate.
- Rumble’s share soared 9% as the firm mulled adopting a BTC strategy.
- Over 90% of X users supported the proposal, but will it sail through?
Rumble, the video streaming platform and Twitch competitor, saw a 9% upswing in its share, RUM, on Tuesday during U.S. market hours.
The rally followed the founder’s plan to add Bitcoin [BTC] to its corporate treasury.
Chris Pavloski, CEO of Rumble, pushed an X (formerly Twitter) poll to test market sentiment and feedback on the proposal.
Michael Saylor, the pioneer of BTC corporate treasury strategy through MicroStrategy, also helped extend the reach of the poll on his X account and asked,
“Should $RUM add #Bitcoin to its Balance Sheet?”
Results? Unsurprisingly, over 90% of X users voted for Rumble to add BTC to its treasury.
However, the results don’t guarantee an automatic addition of BTC to Rumble’s balance sheet. The firm is a public company, whose board of directors must vote to approve or reject such a proposal.
MicroStrategy’s share MSTR has climbed higher and outperformed all S&P 500 Index stocks since adopting the BTC strategy in 2020.
This could explain the new wave of corporate FOMO, as firms strive to replicate MSTR’s success to their shareholders.
As of press time, RUM’s price rally had cooled off slightly after rallying to $6 on Tuesday.
Rumble share price action
However, it was worth noting that the recent negative Q3 earning results pushed the share’s price down nearly 25% to a yearly support at $5.
Whether the BTC interest will aid the price recovery and reverse the recent losses by eyeing $6.5 or $7 remains to be seen.
