Investing.com– Rumble Inc (NASDAQ:RUM) shares rose in extended trading on Monday after the video platform and cloud services provider said it will buy Bitcoin using its excess cash reserves.
The stock rose 4% after the bell, following a nearly 17% jump in the day. Gains during Monday’s session were driven by an announcement that popular streamer Dr Disrespect will exclusively stream his content on Rumble.
The company said it will allocate up to $20 million to buy Bitcoin, stating that it believes that the world is still in the early stages of adopting the cryptocurrency.
Bitcoin rallied to record highs over the past three weeks after Donald Trump’s victory in the 2024 presidential election. Trump had promised friendlier regulations for crypto and pledged to set up a national Bitcoin stockpile.
The world’s largest cryptocurrency rose to nearly $100,000 this week, although it fell short of breaching the coveted level.