Rumble no longer owns any bitcoin. RUM Group Inc., the Nasdaq-listed parent of the Rumble video platform, sold its last 94.68 bitcoin on 14 October 2026 for $7,755,736, according to the quarterly report on Form 10-Q it filed with the SEC on Thursday 12 November. The sale, two weeks after the quarter closed, is disclosed in a single sentence in the note on subsequent events, which says the coins represented “all of its remaining Bitcoin”.
That sentence settles a point left open in early coverage. The company’s results release, dated 11 November, still listed 94.68 bitcoin worth $7.9 million as part of its liquidity at 30 September. A Bitcoin Magazine report published on 12 November worked from that figure: it put the third-quarter sales at about 198 coins, valued the 94.68 coins as a remaining stack, and wrote that the next quarterly report should show whether Rumble kept a small one. The 10-Q, filed a day after the release, already answers it: the stack is gone.
Rumble gave no reason for the sale, in the 10-Q or in the release. The management discussion in the filing describes its bitcoin policy in the past tense, as a strategy under which it “historically allocated a portion of excess cash reserves to bitcoin”, and it does not say whether a new policy has replaced it.
What the Rumble 10-Q says about the 14 October sale
The bitcoin appears in two places of the filing. Note 8, on digital assets, shows the position at 30 September: 94.68 bitcoin with a cost basis of $7,968,282 and a fair value of $7,911,739. Note 24 then reports the sale of those same 94.68 coins on 14 October for aggregate proceeds of $7,755,736. The filing does not name a buyer, an exchange or a broker.
Dividing the proceeds by the number of coins gives an average price of about $81,915 per bitcoin, a figure computed from the filing rather than stated in it. That is within the range bitcoin traded on that day: Coinbase’s BTC-USD daily candle for 14 October (UTC) shows a low of $81,332 and a high of $84,062. Nothing in the numbers points to a forced sale at a distressed price.
Measured against the cost basis carried in Note 8, the October sale came in about $212,500 lower, and against the 30 September fair value about $156,000 lower (both computed from the filing). Rumble measures bitcoin at fair value, so the October sale will show up in its fourth-quarter accounts; the 10-Q itself reports no realised gain or loss on it.
Timing has worked in Rumble’s favour since then. Bitcoin traded near $71,920 at 17:37 UTC on 12 November. At that price 94.68 bitcoin would be worth about $6.81 million, roughly $0.95 million less than Rumble received a month earlier (our calculation, at that single price and before any trading costs).
From 293 coins to none in four months
The October sale is the end of a run that started in the summer. According to the second-quarter 10-Q, Rumble held 293.14 bitcoin on 30 June 2026, with a cost basis of $24,403,008. At 31 December 2025 it had held 210.82 coins at a cost of $19.1 million. The second-quarter roll-forward shows no purchase and no sale in the first half of 2026.
The 82.32 extra coins, a number obtained by subtraction because the filings do not state it, were not bought on the market. The difference in cost basis, $5,303,008, matches exactly the line “acquired in a business combination” in the digital-asset roll-forward: the bitcoin came with Northern Data, the German AI cloud group whose takeover closed on 17 June. Rumble did not buy them; it inherited them.
During the third quarter Rumble then sold about 198.46 coins, taking the count from 293.14 to 94.68 (again by subtraction). The 10-Q gives $15,284,386 from the sale of digital assets for the nine months, the same figure in the roll-forward and in the cash flow statement, and with no sales in the first half these were all third-quarter sales. Assuming that figure is the full proceeds of those 198.46 coins, they went for about $77,000 each on average, our calculation rather than a figure the company states.
| Date | Bitcoin held | Cost basis | Value or proceeds | Source |
|---|---|---|---|---|
| 31 Dec 2025 | 210.82 | $19,100,000 | $18,450,362 fair value | 10-Q, Note 8 |
| 30 Jun 2026 | 293.14 | $24,403,008 | $17,162,147 fair value | Q2 10-Q, Note 8 |
| 30 Sep 2026 | 94.68 | $7,968,282 | $7,911,739 fair value | 10-Q, Note 8 |
| Jan to Sep 2026 | about 198.46 sold (computed) | n/a | $15,284,386 proceeds | 10-Q, cash flow |
| 14 Oct 2026 | 0 (94.68 sold) | n/a | $7,755,736 proceeds | 10-Q, Note 24 |
Taken together, the 2026 sales brought in about $23.04 million, against a combined cost basis of $24.40 million for all 293.14 coins. That puts the whole exit roughly $1.36 million below cost, on our calculation from the two filings. Rumble does not publish a realised figure, and part of that cost basis is the value given to the Northern Data coins when the deal closed rather than cash Rumble paid.
The accounting also produced swings that had little to do with the sales. In the third quarter alone, the change in the fair value of digital assets was a gain of $6,038,100; over nine months it was a loss of $463,440. Readers who follow other listed holders will recognise the pattern from this quarter’s crypto treasury marks, where price moves rather than operations drove headline profits.
How Rumble’s bitcoin treasury began in 2025
Chief executive Chris Pavlovski announced in November 2024 that Rumble would buy up to $20 million of bitcoin. The first purchases started on 20 January 2025 without a disclosed amount. On 12 March 2025, according to The Block, Rumble said it held about 188 bitcoin bought for about $17.1 million, an average close to $91,000, and called the holdings a potential “hedge against inflation”.
The cash flow statement in the new 10-Q shows $19.1 million spent buying digital assets in the first nine months of 2025. By the end of that year the company held 210.82 coins at exactly that cost, which works out at about $90,600 per bitcoin (our calculation). Rumble stayed within its $20 million budget, and the 2026 roll-forward shows no purchases in the first nine months of the year.
So the record for the coins Rumble paid for is short. It bought near $90,600 on average in early 2025 and sold out between July and mid-October 2026 at average prices of about $77,000 and $82,000, on our calculation from the filings’ numbers. It was a small position for a company of this size: at 30 September the bitcoin was worth less than 6% of the $134.4 million of cash and cash equivalents on the balance sheet.
Quake AI now drives the business, and Tether is the main partner
The sale comes as Rumble turns into something other than a video site. In the results release published on 11 November, the company described itself as “an AI infrastructure and video company”. Revenue reached $96.6 million in the third quarter, up 290% on a year earlier, and Quake AI, the GPU cloud business built on Northern Data, brought in $68.2 million of it, more than 70%.
“Quake AI is now the engine of our business,” Pavlovski said in the release. The company runs about 22,000 Nvidia GPUs at roughly 85% utilisation and reported its first positive quarter on an adjusted EBITDA basis. The release does not mention bitcoin in its commentary, and the outlook for the fourth quarter is $88 million to $94 million of revenue.
The GAAP numbers are heavier. The 10-Q shows a net loss of $89.85 million for the quarter and $201.06 million for nine months, with $85.2 million of amortisation and depreciation in the quarter after the acquisition. Operating activities used $113.8 million of cash in nine months, and cash and cash equivalents fell from $237.9 million at the end of 2025 to $134.4 million at 30 September. Reading the bitcoin sale against that cash burn is our interpretation; the company has not linked the two.
Tether sits on several sides of the business. It is the selling shareholder in a resale registration filed on 12 November covering 141,877,369 Class A shares and 119,607,981 shares underlying pre-funded warrants. It lent money too: a euro-denominated note payable to Tether, with €317,533,401 of principal due in June 2031 at EURIBOR plus 3.0%, cost Rumble $5.5 million of interest in the third quarter.
The 10-Q also shows that on 30 September Rumble bought another 8,256,155 Northern Data shares from Tether under their transaction support agreement, lifting its stake from 85.2% to about 98%, and paid in pre-funded warrants. Those warrants are used whenever issuing ordinary shares would push the voting power of Tether and its affiliates above 9.90%. A funding arrangement also lets Rumble draw up to $200 million from Tether in situations tied to a VAT matter at Northern Data; it drew $36.2 million in June.
None of this shows that Tether had a say in the bitcoin sale, and no filing suggests it. The size of Tether’s position across Rumble and its other US-listed holdings is covered in our tally of Tether’s US-listed stakes.
Rumble joins a list of companies leaving crypto treasuries
Rumble is not a miner and never ran a large treasury, which makes its exit different from the big sales of the autumn. It follows MARA’s sale of 13,597 bitcoin for $1.1 billion after September, which went to repay loans, and SkyAI selling every SOL it held to fund a share buyback. In each case the company had cash needs elsewhere and the coins were the easiest asset to turn into money.
For Rumble the amount is too small to change its finances: $7.76 million against $134.4 million of cash. What it shows is a company that once made bitcoin part of its public identity, under a CEO who announced the purchases himself, quietly closing the position and recording it in a footnote.
Why a fair-value footnote matters for bitcoin holders
US companies now carry bitcoin at fair value, so each quarter’s price move goes through the income statement as a gain or loss. A sale after the quarter ends is a subsequent event: it appears as a note in the report for the closed quarter and is booked in the next. That is why the results release could list 94.68 coins as liquidity while the 10-Q, a day later, reported them sold. For a refresher on the asset itself, see our Bitcoin (BTC) page.
What is still unknown, and the next dates
Rumble has not said why it sold, whether the $20 million policy has been formally ended or whether it might buy bitcoin again. The 10-Q does not identify the buyer or venue of the October sale, nor the prices of the individual third-quarter sales. The fourth-quarter report, due early in 2027, should show the realised result of the October sale.
Two other items are on the calendar. Rumble said it expects to reach 100% of Northern Data in early 2027 through a squeeze-out under German law, and on 12 November it filed its shelf and Tether resale registrations as automatically effective statements. The Tether one now also covers the securities Tether received in the Northern Data deal, alongside those registered since February 2025.