Rumble (RUM), a video-sharing platform with growing cloud computing and crypto ambitions, rose 13% on Monday as major shareholder Tether increased its stake in the company and investor sentiment around data center companies.
A Friday filing with the U.S. Securities and Exchange Commission (SEC) shows that Tether Investments bought approximately 1.06 million shares for about $5.7 million between Nov. 19 and Nov. 21.
With the latest purchases, Tether owned more than 104 million shares of the company. Rumble jumped to $6.40 in Monday’s session, an increase of 13%.
The gains came as data center and high-performance computing stocks rebounded on Monday after falling sharply in recent weeks. Cipher Mining (CIFR), IREN, and BitDeer (BTDR) led gains in the sector with double-digit percentage increases.
Rumble will acquire data center and cloud computing company Northern Data, also backed by Tether. The merger would add 22,000 Nvidia chips to Rumble’s cloud division.
