- Rumble’s stock rose 9% as the company considered adopting a BTC strategy.
- More than 90% of X users supported the proposal, but will it pass?
Rumble, the video streaming platform and rival to Twitch, saw a 9% rise in its stock, RUM, during US market hours on Tuesday.
The meeting followed the founder’s plan to add Bitcoin [BTC] to his company treasury.
Rumble CEO Chris Pavloski pushed out an X-poll (formerly Twitter) to test market sentiment and feedback on the proposal.
Michael Saylor, the pioneer of the BTC corporate treasury strategy through MicroStrategy, also helped expand the reach of the poll on his asked,
“Should $RUM add #Bitcoin to its balance sheet?”
Results? Not surprisingly, over 90% of X users voted on Rumble to add BTC to their treasury.
Source:
However, the results do not guarantee automatic addition of BTC to Rumble’s balance. The company is a limited liability company whose board of directors must vote to approve or reject such a proposal.
MicroStrategy’s MSTR stock has climbed higher and outperformed all S&P 500 Index stocks since the introduction of the BTC Strategy in 2020.
This could explain the new wave of corporate FOMO as companies look to replicate the success of MSTR to their shareholders.
At the time of writing, RUM’s price rally had cooled slightly after rallying to $6 on Tuesday.
Rumble price action
However, it was worth noting that the recent negative third-quarter earnings results have sent the share price down nearly 25% to a yearly support of $5.
Whether BTC interest will fuel the price recovery and reverse recent losses by targeting $6.5 or $7 remains to be seen.
Source: Rumble stock performance, TradingView
Credit : ambcrypto.com
