Being a “right-wing” video-sharing and cloud-service platform in the age of Trump might seem like a strategic edge for a startup like Rumble (RUM).
But so far this year, that edge hasn’t paid off. Rumble stock is down 42.2% year-to-date.
Still, the stock is up nearly 12% over the past 12 months. And with President Trump leaning hard into crypto, Rumble is taking another gamble: going all in on crypto.
Last month, the company disclosed a $17.1 million bitcoin (BTC) purchase—roughly 188 BTC at about $91,000 per coin.
"We are excited to announce these purchases and allocation of Bitcoin as part of our treasury strategy as well as a larger strategic move as we further expand our ties to the crypto industry,” Rumble Chairman and CEO Chris Pavlovski said in a statement.
“These holdings have the potential to serve as a valuable hedge against inflation and will not be subject to dilution like so many overprinted government-issued currencies.”
Pavlovski added that the company will “continue to grow and engrain crypto into our company's DNA.”
From YouTube alternative to right-wing stronghold
Rumble wasn’t originally launched as a conservative social video-sharing platform.
It began as a YouTube alternative for independent creators born out of Canadian CEO Chris Pavlovski’s frustration with the growing dominance of influencers on the Google-owned giant.
That changed after the January 2021 riot at the U.S. Capitol. As mainstream platforms cracked down on users violating content policies, Rumble rebranded itself as a free-speech refuge and magnet for the far right.
Then, following Trump’s 2024 election win, Rumble doubled down on crypto.
In November, the company announced its own bitcoin treasury strategy, borrowing a page from MicroStrategy CEO Michael Saylor’s playbook.
“We believe that the world is still in the early stages of the adoption of Bitcoin,” Pavlovski said, “which has recently accelerated with the election of a crypto-friendly U.S. presidential administration and increased institutional adoption.”
One month later, Rumble landed a $775 million strategic investment from Tether Limited, the issuer of the world’s most traded digital asset.
“Tether's investment in Rumble reflects our shared values of decentralization, independence, transparency, and the fundamental right to free expression,” said Tether CEO Paolo Ardoino.
Numbers are mixed bag
In its latest report, Rumble reported $30.2 million in Q4 revenue, up 48% from $20.4 million a year ago.
Monthly active users came in at 68 million, up slightly from 67 million in Q3. The company has now logged 12 consecutive months with more than 40 million MAUs.
But the bottom line isn’t as rosy.
Rumble posted a $236.8 million net loss in Q4, compared to a $29.3 million loss in the same quarter last year. The company blamed the steep drop “principally” on a $184.7 million change in the fair value of derivative expenses tied to the Tether deal.
Wedbush analyst Scott Devitt maintained his Neutral rating in March, trimming his price target from $13 to $10.
Still, Devitt sees potential upside in Rumble’s international growth plans and its ability to onboard companies from Tether’s portfolio to its Rumble Cloud service.
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