Rumble hits 8-mth high after co says to buy up to $20 mln bitcoin
Updates stock activity to market open
** Shares of video-sharing platform and cloud services provider Rumble RUM.O reverse premarket losses and last up 4.3% at $7.62 after saying it will buy up to $20 mln worth of bitcoin BTC=
** RUM shares, on track for sixth straight day of gains, rise as much as 6.4% to $7.78, highest since Apr 1
** Co late Mon said board approved the purchases, citing belief in bitcoin as a valuable tool for strategic planning and desire to accelerate its expansion into cryptocurrency
** “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" - CEO Chris Pavlovski
** BTC, world's largest cryptocurrency, has soared to record highs since the election, boosted on hopes of a friendlier regulatory environment under President-elect Donald Trump's administration for digital assets
** On Tues, bitcoin currently down about 0.5%, trading just below the $93, 200 mark
** Rumble, backed by venture capitalist Peter Thiel and Vice President-elect JDVance, through Narya Capital, has ~$2.1 bln market cap, per LSEG
** Including move on Tues, RUM shares up ~28% since the election, and up ~70% YTD
(Lance Tupper is a Reuters market analyst. The views expressed are his own)
</body></html>Related Assets
Latest News
Disclaimer: The XM Group entities provide execution-only service and access to our Online Trading Facility, permitting a person to view and/or use the content available on or via the website, is not intended to change or expand on this, nor does it change or expand on this. Such access and use are always subject to: (i) Terms and Conditions; (ii) Risk Warnings; and (iii) Full Disclaimer. Such content is therefore provided as no more than general information. Particularly, please be aware that the contents of our Online Trading Facility are neither a solicitation, nor an offer to enter any transactions on the financial markets. Trading on any financial market involves a significant level of risk to your capital.
All material published on our Online Trading Facility is intended for educational/informational purposes only, and does not contain – nor should it be considered as containing – financial, investment tax or trading advice and recommendations; or a record of our trading prices; or an offer of, or solicitation for, a transaction in any financial instruments; or unsolicited financial promotions to you.
Any third-party content, as well as content prepared by XM, such as: opinions, news, research, analyses, prices and other information or links to third-party sites contained on this website are provided on an “as-is” basis, as general market commentary, and do not constitute investment advice. To the extent that any content is construed as investment research, you must note and accept that the content was not intended to and has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such, it would be considered as marketing communication under the relevant laws and regulations. Please ensure that you have read and understood our Notification on Non-Independent Investment. Research and Risk Warning concerning the foregoing information, which can be accessed here.
