Rumble (RUM), a video-sharing platform with growing cloud computing and crypto ambitions, surged 13% on Monday as major shareholder Tether boosted its stake in the firm and investor sentiment around data center firms
A Friday filing to the U.S. Securities and Exchange Commission (SEC) shows that Tether Investments purchased roughly 1.06 million shares for around $5.7 million between November 19 and 21.
With the latest purchases, Tether held over 104 million shares in the company. Rumble jumped to $6.40 in the Monday session, up 13%.
The gains occurred as data center and high-performance computing stocks rebounded on Monday following a steep drawdown over the past weeks. Cipher Mining (CIFR), IREN and BitDeer (BTDR) led gains in the sector with double-digit percentage rallies.
Rumble is set to acquire cloud computing and data center firm Northern Data, also backed by Tether. The merger would add 22,000 Nvidia chips to Rumble’s cloud division.