Rumble (RUM) Sells Two-Thirds Of Its Bitcoin As AI Business Grows

RUM Group, the parent of video platform Rumble, cut its bitcoin holdings by about two-thirds in the third quarter, the company disclosed Wednesday, as its newly acquired AI cloud business pushed it to its first profitable quarter on an adjusted basis.

The Nasdaq-listed company held 94.68 bitcoin, valued at $7.9 million, as of Sept. 30. That compares with 293.14 bitcoin worth about $17.2 million at the end of June, according to its second-quarter results.

That implies Rumble parted with roughly 198 bitcoin during the quarter, or about 68% of its stack.

The company's cash-flow statement shows a net sale of digital assets of about $15.3 million for the first nine months of 2026. In the same period a year earlier, it spent $19.1 million buying digital assets.

Rumble did not explain the sales in its release, and it did not say what price it received. The balance sheet's digital assets line, which the release does not break down, fell to $11.1 million from $18.5 million at the end of 2025.

Rumble's AI pivot takes over

The bitcoin drawdown came in a quarter dominated by Quake AI, the cloud and AI infrastructure unit Rumble built around Northern Data, the German GPU operator it acquired in June.

Revenue rose 290% from a year earlier to a record $96.6 million, beating the top of the company's guidance range. Quake AI contributed $68.2 million of that, more than 70% of the total, in its first full quarter. The unit runs about 22,000 Nvidia GPUs, which the company said were about 85% utilized.

Adjusted EBITDA came in at $4.4 million, the first positive result in company history. On a GAAP basis, RUM Group still lost $89.9 million, weighed down by $85.2 million in amortization and depreciation. Executives said on the call that about $39 million of that came from writing up the value of Northern Data's assets in purchase accounting.

"Quake AI is now the engine of our business," CEO Chris Pavlovski said. "We have real assets running real AI workloads for real customers and generating real cash."

The video business itself grew more slowly. Rumble's video segment brought in $28.4 million, up 15% year over year, and posted a $12.1 million adjusted EBITDA loss, wider than a year earlier, executives said on the call.

Cash has been falling as well. RUM Group ended September with $134.4 million in cash and cash equivalents, down from $203.3 million at the end of June and $237.9 million at the end of 2025. The company raised its stake in Northern Data to about 98% during the quarter and expects to own all of it in early 2027.

It also warned that part of the roughly 250 megawatts of unmonetized capacity it had targeted for 2027 may slip beyond that year due to market conditions. RUM Group guided fourth-quarter revenue to $88 million to $94 million.

Another bitcoin holder shrinks its treasury

Rumble has been one of the more visible bitcoin-friendly platforms outside the crypto industry. In January, it launched a crypto wallet with Tether that lets creators receive payments in bitcoin.

Its sales add to a run of companies trimming or exiting bitcoin positions as prices fall and capital shifts toward AI. Hyperscale Data sold its last bitcoin to fund an AI data center, Keel sold its entire treasury for $192 million and MARA sold 13,597 bitcoin this month.

Bitcoin traded near $72,800 early Thursday, well below the roughly $83,400 per coin implied by Rumble's Sept. 30 valuation. At that price, its remaining 94.68 bitcoin would be worth about $6.9 million.

Whether Rumble keeps a token stack or sells the rest is a question its next quarterly report should answer.

This content is provided for general informational purposes only and doesn't constitute financial, investment, legal, or tax advice. Any events, rewards, online promotions, or related information mentioned herein should not be considered a recommendation, solicitation, or invitation to purchase, sell, trade, or otherwise deal in any crypto assets. Crypto assets are highly volatile and may result in loss. The availability of WEEX services, products, and related events may vary by region. You are responsible for ensuring that your participation is in accordance with applicable local laws and regulations.