Rumble (NASDAQ:RUM), the video-sharing platform and cloud services
provider, announced today that its Board of Directors has approved
a corporate treasury diversification strategy of allocating a
portion of the company’s excess cash reserves to Bitcoin. This move
emphasizes Rumble’s belief in Bitcoin as a valuable tool for
strategic planning and is designed to accelerate the company’s
expansion into cryptocurrency. Rumble’s Bitcoin allocation strategy
will include purchases, at the discretion of the company, of up to
$20 million.
“We believe that the world is still in the early stages of the
adoption of Bitcoin, which has recently accelerated with the
election of a crypto-friendly U.S. presidential administration and
increased institutional adoption. Unlike any government-issued
currency, Bitcoin is not subject to dilution through endless
money-printing, enabling it to be a valuable inflation hedge and an
excellent addition to our treasury,” said Rumble Chairman and CEO
Chris Pavlovski. “We are also excited to strengthen our ties with
crypto and to bolster our efforts to become the leading video and
cloud services platform for the crypto community,” Pavlovski
added.
The actual timing and value of Bitcoin purchases, if any, under
the allocation strategy will be determined by management in its
discretion and will depend on several factors, including, among
others, general market and business conditions, the trading price
of Bitcoin and the anticipated cash needs of Rumble. The
allocation strategy may be suspended, discontinued or modified at
any time for any reason.
ABOUT RUMBLE
Rumble is a high-growth video platform and cloud services
provider that is creating an independent infrastructure. Rumble’s
mission is to restore the internet to its roots by making it free
and open once again. For more information, visit:
corp.rumble.com.
Contact: press@rumble.com
Forward-Looking Statements
Certain statements in this press release constitute
“forward-looking statements” within the meaning of the U.S. Private
Securities Litigation Reform Act of 1995. Statements contained in
this press release that are not historical facts are
forward-looking statements and include, for example, statements
regarding our new corporate treasury diversification strategy of
allocating a portion of the company’s excess cash reserves to
Bitcoin and the acceleration of our expansion into cryptocurrency.
Certain of these forward-looking statements can be identified by
using words such as “anticipates,” “believes,” “intends,”
“estimates,” “targets,” “expects,” “endeavors,” “forecasts,” “well
underway,” “could,” “will,” “may,” “future,” “likely,” “on track to
deliver,” “on a trajectory,” “continues to,” “looks forward to,”
“is primed to,” “plans,” “projects,” “assumes,” “should” or other
similar expressions. Such forward-looking statements involve known
and unknown risks and uncertainties, and our actual results could
differ materially from future results expressed or implied in these
forward-looking statements. The forward-looking statements included
in this release are based on our current beliefs and expectations
of our management as of the date of this release. These statements
are not guarantees or indicative of future performance. Important
assumptions and other important factors that could cause actual
results to differ materially from those forward-looking statements
include risks inherent with investing in Bitcoin, including
Bitcoin’s volatility; the risks of implementing a new treasury
diversification strategy; our ability to grow and manage future
growth profitably over time, maintain relationships with customers,
compete within our industry and retain key employees; the
possibility that we may be adversely impacted by economic,
business, and/or competitive factors; our limited operating history
makes it difficult to evaluate our business and prospects; our
recent and rapid growth may not be indicative of future
performance; we may not continue to grow or maintain our active
user base, and may not be able to achieve or maintain
profitability; risks relating to our ability to attract new
advertisers, or the potential loss of existing advertisers or the
reduction of or failure by existing advertisers to maintain or
increase their advertising budgets; Rumble Cloud, our recently
launched cloud services business, may not achieve success and, as a
result, our business, financial condition and results of operations
could be adversely affected; negative media campaigns may adversely
impact our financial performance, results of operations, and
relationships with our business partners, including content
creators and advertisers; spam activity, including inauthentic and
fraudulent user activity, if undetected, may contribute, from time
to time, to some amount of overstatement of our performance
indicators; we collect, store, and process large amounts of user
video content and personal information of our users and subscribers
and, if our security measures are breached, our sites and
applications may be perceived as not being secure, traffic and
advertisers may curtail or stop viewing our content or using our
services, our business and operating results could be harmed, and
we could face governmental investigations and legal claims from
users and subscribers; we may fail to comply with applicable
privacy laws; we are subject to cybersecurity risks and
interruptions or failures in our information technology systems
and, notwithstanding our efforts to enhance our protection from
such risks, a cyber incident could occur and result in information
theft, data corruption, operational disruption and/or financial
loss; we may be found to have infringed on the intellectual
property of others, which could expose us to substantial losses or
restrict our operations; we may face liability for hosting a
variety of tortious or unlawful materials uploaded by third
parties, notwithstanding the liability protections of Section 230
of the Communications Decency Act of 1996; we may face negative
publicity for removing, or declining to remove, certain content,
regardless of whether such content violated any law; paid
endorsements by our content creators may expose us to regulatory
risk, liability, and compliance costs, and, as a result, may
adversely affect our business, financial condition and results of
operations; our traffic growth, engagement, and monetization depend
upon effective operation within and compatibility with operating
systems, networks, devices, web browsers and standards, including
mobile operating systems, networks, and standards that we do not
control; our business depends on continued and unimpeded access to
our content and services on the internet and, if we or those who
engage with our content experience disruptions in internet service,
or if internet service providers are able to block, degrade or
charge for access to our content and services, we could incur
additional expenses and the loss of traffic and advertisers; we
face significant market competition, and if we are unable to
compete effectively with our competitors for traffic and
advertising spend, our business and operating results could be
harmed; we rely on data from third parties to calculate certain of
our performance metrics and real or perceived inaccuracies in such
metrics may harm our reputation and negatively affect our business;
changes to our existing content and services could fail to attract
traffic and advertisers or fail to generate revenue; we derive the
majority of our revenue from advertising and the failure to attract
new advertisers, the loss of existing advertisers, or the reduction
of or failure by existing advertisers to maintain or increase their
advertising budgets would adversely affect our business; we depend
on third-party vendors, including internet service providers,
advertising networks, and data centers, to provide core services;
hosting and delivery costs may increase unexpectedly; we have
offered and intend to continue to offer incentives, including
economic incentives, to content creators to join our platform, and
these arrangements may involve fixed payment obligations that are
not contingent on actual revenue or performance metrics generated
by the applicable content creator but rather are based on our
modeled financial projections for that creator, which if not
satisfied may adversely impact our financial performance, results
of operations and liquidity; we may be unable to develop or
maintain effective internal controls; potential diversion of
management’s attention and consumption of resources as a result of
acquisitions of other companies and success in integrating and
otherwise achieving the benefits of recent and potential
acquisitions; we may fail to maintain adequate operational and
financial resources or raise additional capital or generate
sufficient cash flows; changes in tax rates, changes in tax
treatment of companies engaged in e-commerce, the adoption of new
tax legislation, or exposure to additional tax liabilities may
adversely impact our financial results; compliance obligations
imposed by new privacy laws, laws regulating social media platforms
and online speech in certain jurisdictions in which we operate, or
industry practices may adversely affect our business; and those
additional risks, uncertainties and factors described in more
detail under the caption “Risk Factors” in our Annual Report on
Form 10-K for the year ended December 31, 2023, and in our other
filings with the Securities and Exchange Commission. We do not
intend, and, except as required by law, we undertake no obligation,
to update any of our forward-looking statements after the issuance
of this release to reflect any future events or circumstances.
Given these risks and uncertainties, readers are cautioned not to
place undue reliance on such forward-looking statements.
Rumble on Social Media
Investors and others should note that we announce material
financial and operational information to our investors using our
investor relations website (investors.rumble.com), press releases,
SEC filings and public conference calls and webcasts. We also
intend to use certain social media accounts as a means of
disclosing information about us and our services and for complying
with our disclosure obligations under Regulation FD: the
@rumblevideo X (formerly Twitter) account (x.com/rumblevideo), the
@gamingonrumble X (formerly Twitter) account
(x.com/gamingonrumble), the @rumble TRUTH Social account
(truthsocial.com/@rumble), the @chrispavlovski X (formerly Twitter)
account (x.com/chrispavlovski), and the @chris TRUTH Social account
(truthsocial.com/@chris), which Chris Pavlovski, our Chairman and
Chief Executive Officer, also uses as a means for personal
communications and observations. The information we post through
these social media channels may be deemed material. Accordingly,
investors should monitor these social media channels in addition to
following our press releases, SEC filings and public conference
calls and webcasts. The social media channels that we intend to use
as a means of disclosing the information described above may be
updated from time to time as listed on our investor relations
website.
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