Rumble (RUM) shares experienced a rise during U.S. trading on November 19, 2024, following CEO Chris Pavlovski's indication of interest in adding Bitcoin to the company's balance sheet.

Pavlovski gauged user sentiment on this potential Bitcoin strategy through a poll on X (formerly Twitter), which received overwhelming support, with over 90% of respondents in favor.

This interest in Bitcoin aligns with trends seen in other companies, such as MicroStrategy, whose shares have significantly outperformed the S&P 500 since adopting a BTC strategy.

These challenges in user growth and monetization could impact Rumble's long-term viability, even as it explores potential crypto investments.

Nevertheless, Rumble's primary focus remains its streaming platform, and investors are encouraged to consider the company's core operations amidst these developments.

Following the initial rise in share price, RUM's rally cooled slightly after reaching $6, particularly after a previous 25% drop due to disappointing Q3 earnings results.

Currently, Rumble's share price sits at a yearly support level of $5, leading to speculation about whether interest in Bitcoin could help it recover towards $6.5 or $7.

It's important to note that any decision to adopt Bitcoin will ultimately require approval from Rumble's board of directors.

On the same day, Bitcoin surged to a new record high, surpassing $94,000, fueled by excitement over increased corporate adoption of the cryptocurrency.

Despite the enthusiasm surrounding Bitcoin, Rumble's latest quarterly report revealed sales that fell short of Wall Street expectations and raised concerns about user engagement metrics.

In its Q3 2024 report, Rumble reported $25.1 million in revenue, a 39% increase year-over-year, and had $130.8 million in cash and equivalents on its balance sheet.

After the announcement regarding Bitcoin, Rumble's stock initially dipped but later gained approximately 7%, ultimately closing the day with a 3.3% increase.