Rumble sells bitcoin after adjusted EBITDA turns positive

Rumble (RUM) disclosed that it sold roughly two-thirds of its bitcoin in the first nine months of 2026, with its cash-flow statement recording about $15.3 million in net digital-asset sales. Rumble spent $19.1 million buying digital assets in the same period one year earlier. The release did not explain the 2026 sales or disclose the price received.

How much bitcoin remains, and what is unaccounted for?

The balance sheet’s digital-assets line fell to $11.1 million at September 30 from $18.5 million at the end of 2025, though the release did not itemize the balance. Separately, Rumble reported 94.68 bitcoin remaining, with its September 30 valuation implying roughly $83,400 per coin. When bitcoin traded near $72,800 early Thursday, that holding was worth about $6.9 million.

Those disclosures leave an unreconciled gap: 94.68 bitcoin at $83,400 imply about $7.9 million, below the $11.1 million balance. Other digital assets or accounting treatment could account for the difference, but the release provides no breakdown and does not resolve it. In plain terms, the treasury is smaller, but the public disclosure does not fully explain what remains.

What is driving Quake AI?

Quake AI, Rumble’s cloud and AI infrastructure unit, generated $68.2 million in revenue during its first full quarter, more than 70% of the company’s total. The unit was built around Northern Data, the German GPU operator Rumble acquired in June. It operates about 22,000 Nvidia graphics processors, which the company said were roughly 85% utilized.

Total revenue rose 290% year over year to a record $96.6 million, beating the top of Rumble’s guidance range. Adjusted EBITDA reached $4.4 million, which the company described as the first positive result in its history. That measure excludes the depreciation and amortization burden that left RUM Group with an $89.9 million GAAP net loss.

Executives said roughly $39 million of the depreciation and amortization burden came from writing up Northern Data’s asset values in purchase accounting. CEO Chris Pavlovski said: “Quake AI is now the engine of our business,” adding, “We have real assets running real AI workloads for real customers and generating real cash.”

Rumble’s video segment generated $28.4 million in revenue, up 15% year over year, but posted a $12.1 million adjusted EBITDA loss, wider than a year earlier. In plain terms, AI now supplies the first positive adjusted result, while the video operation remains loss-making.

What do cash and capacity show?

Cash and cash equivalents ended September at $134.4 million, down from $203.3 million at June-end and $237.9 million at 2025 year-end. That erased $103.5 million, or about 44%, of year-end cash during the first nine months. Rumble did not assign every dollar of the decline to a specific use in the release.

Rumble raised its Northern Data ownership to about 98% during the quarter and expects to own all of it in early 2027. It also warned that part of roughly 250 megawatts of unmonetized capacity targeted for 2027 could slip beyond that year because of market conditions. The company did not specify how many megawatts might move.

Fourth-quarter revenue guidance was $88 million to $94 million, below the $96.6 million just reported. The release did not explain that sequential decline. In plain terms, Rumble is expanding its AI footprint while its cash cushion and near-term revenue outlook both weaken.

Is Rumble abandoning bitcoin?

Rumble remains 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. That product support continued even as the corporate treasury contracted, and the company gave no reason for the asset sales or a target balance.

The transaction also joins a wider set of reported reductions. 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. Their circumstances differ, so the comparison shows a shift in corporate allocation rather than proof of an industrywide bitcoin exit.

The next quarterly report is the first checkpoint on whether Rumble keeps its remaining 94.68 bitcoin, while management expects full Northern Data ownership in early 2027 and the roughly 250-megawatt capacity plan faces a possible slip. In plain terms, those checkpoints will test whether the AI pivot can offset video losses without further cash erosion.