Rumble Launches Bitcoin Wallet, Reports 90% Loss Improvement

Rumble, a video streaming platform, has announced the launch of its Bitcoin and stablecoin wallet in the third quarter of this year. The wallet, developed in partnership with stablecoin issuer Tether, aims to compete directly with established players like Coinbase Wallet. Chris Pavlovski, Rumble's CEO, confirmed the launch in a May 9 post, stating that the wallet will be a non-custodial solution designed to empower the creator economy. Pavlovski emphasized that the Rumble Wallet will provide creators with better monetization opportunities, particularly in international markets, and may support Tether Gold (XAUT) in addition to Bitcoin and stablecoins.

Rumble, which was founded in late 2013 as an alternative to YouTube for small content creators, first announced the development of a Tether (USDT) wallet for creators in March. Tether invested $775 million in Rumble in December 2024, signaling a strong commitment to the partnership. The Rumble Bitcoin (BTC) wallet will enter a competitive market dominated by major players such as Coinbase, Robinhood, eToro, PayPal, Revolut, Crypto.com, and MetaMask. The use of mobile crypto wallets reached an all-time high in the fourth quarter of 2024, reflecting the growing demand for digital asset management solutions.

Rumble has also adopted a strategy similar to Michael Saylor’s by becoming a Bitcoin acquisition company. In March, Rumble made its first purchase of 188 BTC, and it currently holds 210 BTC, valued at nearly $22 million at current market prices. This move aligns with the company's broader strategy to integrate Bitcoin into its financial operations and offerings.

In its first-quarter financial report released on May 8, Rumble reported a net loss of $2.7 million, a significant improvement from the $43 million loss in the first quarter of 2024. The company's GAAP loss of $0.01 per share was 90% above analysts’ consensus estimates. Despite the loss, Rumble's revenue for the quarter was $23.7 million, exceeding estimates by 2.8% and marking a year-over-year increase from $17.7 million. The company also reported 59 million monthly active users, down from 68 million in the fourth quarter of 2024. Pavlovski highlighted the strong first-quarter results, driven by increased subscription revenue and monetization across video and advertising platforms.

Rumble's strategic moves, including the launch of the crypto wallet and its Bitcoin acquisition strategy, position the company to capitalize on the growing demand for digital assets and creator monetization. The partnership with Tether and the focus on non-custodial solutions underscore Rumble's commitment to innovation and its ambition to become a leading player in the crypto wallet market.