Rumble (RUM) Sells Two-Thirds of Its Bitcoin as AI Cloud Business Delivers First Profitable Quarter

As of September 30, RUM Group held 94.68 bitcoin valued at $7.9 million, down from 293.14 bitcoin worth approximately $17.2 million at the end of June. The company's cash-flow statement reveals a net sale of digital assets amounting to about $15.3 million for the first nine months of 2026, compared to spending $19.1 million on digital assets in the same period a year earlier.

AI Business Transformation

The bitcoin reduction occurred during a quarter dominated by Quake AI, Rumble's cloud and AI infrastructure unit built around Northern Data, the German GPU operator acquired in June. Revenue surged 290% year-over-year to a record $96.6 million, with Quake AI contributing $68.2 million, more than 70% of the total. The unit operates approximately 22,000 Nvidia GPUs with about 85% utilization.

Adjusted EBITDA reached $4.4 million, marking the company's first positive result in its history. However, on a GAAP basis, RUM Group still reported a loss of $89.9 million, primarily due to $85.2 million in amortization and depreciation costs.

Video Business Challenges

While the AI division flourished, Rumble's video segment grew more modestly, generating $28.4 million in revenue, up 15% year-over-year. The segment posted a $12.1 million adjusted EBITDA loss, which was wider than the previous year. The company's cash reserves have also been declining, ending September with $134.4 million, down from $203.3 million at the end of June.

Industry Trend

Rumble joins a growing number of companies reducing their bitcoin holdings as prices fall and capital shifts toward AI investments. Other firms including Hyperscale Data, Keel, and MARA have also trimmed or exited their bitcoin positions to fund AI initiatives. Bitcoin traded near $72,800 early Thursday, below the approximately $83,400 per coin implied by Rumble's September 30 valuation.