Rumble (RUM), a video-sharing platform with expanding ambitions in cloud computing and cryptocurrencies, soared 13% on Monday as major shareholder Tether boosted investor sentiment towards the company’s stock and the data center company.
Tether Investments bought about 1.06 million shares between Nov. 19 and Nov. 21 for about $5.7 million, according to a Friday filing with the U.S. Securities and Exchange Commission.
With this acquisition, Tether now owns over 104 million shares of the company’s stock. Rumble rose 13% to $6.40 in Monday trading.
The gains came as data center and high-performance computing stocks rebounded on Monday after steep losses over the past few weeks. Cipher Mining (CIFR), IREN, and BitDeer (BTDR) led the sector’s gains with double-digit gains.
Rumble plans to acquire Northern Data, a cloud computing and data center company also backed by Tether. The merger will add 22,000 Nvidia chips to Rumble’s cloud division.
