Alternative online video platform Rumble Inc. RUM CEO Chris Pavlovski is considering adding Bitcoin BTC/USD to the company's balance sheet. Here's what investors need to know.
The Details: On Tuesday, Pavlovski asked, "Should Rumble add Bitcoin to its balance sheet?" in a post on the social media platform X.
The post triggered a response from MicroStrategy, Inc. MSTR executive chairman and Bitcoin bull Michael Saylor, who offered to discuss with Pavlovski "why and how" the company may want to invest in Bitcoin.
Pavlovski responded with "DM'ing you now."
Saylor's MicroStrategy has dubbed itself a "Bitcoin Development Company" and currently holds 331,200 Bitcoins, making it the largest institutional holder of the cryptocurrency. MicroStrategy's stock has become a Bitcoin proxy and is up by more than 600% in 2024 and over 100% in the last month alone.
During a recent X space hosted by asset manager VanEck, Saylor encouraged other companies to hold the cryptocurrency in their reserves.
"I think it's not a bad idea to put it on the agenda of every company. It ought to be put on the agenda of Berkshire Hathaway, Apple, and Google because they all have huge hordes of cash and they're all burning shareholder value," Saylor said
Several companies have recently adopted the Bitcoin strategy including Semler Scientific, Inc. SMLR and Metaplanet, Inc. FNTZF. Microsoft Corp. MSFT will be hosting Saylor to present a case for Bitcoin investment to its board of directors.
Why It Matters: Rumble's Pavloski followed up his original post with a poll asking if Rumble should invest in Bitcoin. 43,790 people responded, and 93.9% of respondents replied, "Yes."
Rumble shares rose 9% in after-hours trading Tuesday after Pavlovski posted the Bitcoin investment questions to his social media account. Investors will be watching for further developments from the company.
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Image: Liam Ortiz from Pixabay
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