Rumble Stock Jumps After Stablecoin Giant Tether Buys 1 Million Shares

In brief

Shares in Rumble (RUM) are up more than 14% on Monday, recently changing hands at $6.51.
The move comes amid news that stablecoin firm Tether added more than 1 million shares of RUM last week for around $5.75 million.
Rumble and Tether have been working together on a number of initiatives, including a crypto tipping feature for Rumble’s platform.

Shares in publicly traded video streaming platform Rumble are up more than 14% on Monday amid news that stablecoin giant Tether acquired another 1 million shares in the firm, valued around $5.75 million at the time of Friday’s disclosure.

Data pulled from a recent SEC filing for Tether Holdings shows the firm acquired 1,063,670 additional shares of RUM in three separate transactions last week, at prices ranging between $5.38 and $5.46.

USDT issuer Tether now owns nearly 104.4 million Rumble shares based on available SEC filings, valuing its stake in the video firm around $680 million as RUM recently changed hands at $6.51.

Last year, Tether announced it would invest $775 million in the YouTube rival, granting it more than 103 million shares at $7.50 apiece. RUM also spiked at the time of that announcement, moving as high as $10.57, or around a 40% jump at the time.

But even with today’s gains, shares have fallen steadily since January, resulting in nearly a 50% loss year-to-date.

Beyond Tether’s initial investment, the pair have been connected more recently, as well.

Earlier this month, Tether agreed to back a deal that allowed Rumble to agree to a deal to acquire AI and high-performance-computing firm Northern Data. Tether also will buy $150 million worth of GPUs from Rumble to help “co-create tools that empower content creators worldwide,” and invest up to $100 million in advertising via Rumble to boost usage of its crypto wallet.

In October, the firms’ respective CEOs appeared onstage together at the Plan B Forum in Lugano, Switzerland to announce they were working together to add a crypto tipping feature, which would allow Rumble users to tip creators with Bitcoin and USDT.

Rumble’s crypto roots have been deepening since the firm announced the creation of a Bitcoin reserve last November, following in the footsteps of Strategy (formerly MicroStrategy).

At the end of Q3, the firm reported it held 210.82 BTC, now valued around $18.5 million.

Bitcoin is up around 1.9% in the last 24 hours, recently trading at $88,392.