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