What Rumble is doing with Bitcoin

Rumble ended 2025 with about $18.45 million in Bitcoin. It also launched a crypto wallet and signed substantial commercial agreements with Tether. After reading its reports, I'm more interested in whether those relationships help the business than whether Bitcoin's price goes up.

The company is trying to give creators another way to get paid while putting some of its own money into crypto. Those choices carry different risks, and they deserve separate attention.

The Bitcoin holding is fairly small

At December 31, 2025, Rumble owned 210.82 BTC, bought for $19.1 million. Its year-end value was $649,638 below cost, a decline of roughly 3.4%.

That loss went into reported earnings even though a price change doesn't require a sale. It's worth remembering when reading the results: a Bitcoin gain wouldn't mean the video business had improved, either.

The holding represented about 5.5% of Rumble's total assets. Meanwhile, the company had $237.9 million in cash and cash equivalents. Bitcoin was a meaningful bet, but it wasn't where most of the treasury money sat.

I'd pay more attention to the size of that bet over time than to any single price movement. Rumble used $70.4 million of cash in operating activities during 2025. Money available to fund the business still matters.

A wallet needs people to use it

By the time Rumble published its 2025 Annual Report, it had launched a wallet that let viewers tip creators with Bitcoin, USAT, USDT and Tether Gold. USAT and USDT are dollar stablecoins, designed to track the dollar rather than move in price like Bitcoin.

For creators, the appeal is straightforward. Give viewers another way to send money directly.

The wallet is non-custodial. Rumble says it doesn't hold users' private keys or control their assets. So a viewer's wallet balance isn't part of the company's Bitcoin holding.

Still, non-custodial doesn't mean trouble-free. People can lose keys, get scammed or run into problems with the exchange services used to move between crypto and regular money. Stablecoins can also lose their peg.

What I couldn't find in the reviewed documents was wallet-specific user numbers, payment volumes or profit. Until those appear, it's hard to judge whether this is becoming a useful business or simply another payment option.

Tether is the bigger relationship

Tether invested $775 million in Rumble in February 2025. That sounds like an enormous addition to the company's spending power, but $525 million went into buying back shares. The difference was $250 million before transaction costs.

Then there are the commercial agreements. Tether agreed to buy $100 million of advertising services over two years, plus up to $150 million of GPU services over two years. The GPU agreement depended on the Northern Data acquisition closing.

Those numbers are commitments, not revenue already earned in 2025. They could bring substantial business, but delivery and payment are what ultimately count.

Tether's involvement also puts a lot of weight on one relationship. It's an investor and customer, and its assets are supported by the wallet. Problems with that relationship could reach several parts of Rumble at once. Its reported voting power was 7.4% in the March 2026 ownership table, so it wasn't the controlling shareholder.

For me, the useful questions are whether creators use the wallet, whether Rumble makes money from it, and whether the Tether agreements turn into collected revenue. Bitcoin's price will be easier to follow. It won't answer those questions.

Based on the eight supplied annual reports and proxy statements. Holdings are dated December 31, 2025; ownership figures are from March 2026. Later developments, including the Northern Data deal's outcome, haven't been checked.

Sources use PDF page numbers:

• 2025 Annual Report, pages 72, 73, 75, 83 and 88 for Bitcoin, earnings and cash flow; pages 7, 8, 27, 28 and 29 for the wallet and risks; pages 103 and 106 for Tether agreements.
• 2026 Proxy Statement, pages 26, 27 and 42 for Tether ownership and agreements.

The Bitcoin loss figure comes from the audited statements and holdings note. A separate table in the report differs by $300.