RUM Group, the Nasdaq-listed parent of video platform Rumble, cut its bitcoin holdings by roughly two-thirds in the third quarter, according to results disclosed Wednesday, as its newly acquired AI cloud business pushed the company to its first profitable quarter on an adjusted basis.

As of Sept. 30, the company held 94.68 bitcoin valued at $7.9 million, down from 293.14 bitcoin worth about $17.2 million at the end of June, according to its second-quarter results. That implies Rumble parted with approximately 198 bitcoin during the quarter, or about 68% of its stack.

The company's cash-flow statement shows a net sale of digital assets of roughly $15.3 million for the first nine months of 2026. In the same period a year earlier, it spent $19.1 million buying digital assets.

Rumble did not explain the sales in its release, and it did not disclose what price it received. The digital assets line on its balance sheet, which the release does not break down, fell to $11.1 million from $18.5 million at the end of 2025.

Rumble's AI Pivot Takes Over

The bitcoin drawdown came in a quarter dominated by Quake AI, the cloud and AI infrastructure unit Rumble built around Northern Data, the German GPU operator it acquired in June.

Revenue rose 290% from a year earlier to a record $96.6 million, beating the top of the company's guidance range. Quake AI contributed $68.2 million of that total — more than 70% — in its first full quarter. The unit runs about 22,000 Nvidia GPUs, which the company said were about 85% utilized.

Adjusted EBITDA — which strips out non-cash items such as depreciation and amortization — came in at $4.4 million, the first positive result in company history. On a GAAP basis, RUM Group still lost $89.9 million, weighed down by $85.2 million in amortization and depreciation, charges that reduce reported earnings without draining cash. Executives said on the earnings call that about $39 million of that stemmed from writing up the value of Northern Data's assets in purchase accounting, the standard process of restating an acquired company's assets at fair value after a deal closes.

“Quake AI is now the engine of our business,” CEO Chris Pavlovski said. “We have real assets running real AI workloads for real customers and generating real cash.”

The video business itself grew more slowly. Rumble's video segment generated $28.4 million in revenue, up 15% year over year, and posted a $12.1 million adjusted EBITDA loss, wider than a year earlier, executives said on the call.

Cash has been falling as well. RUM Group ended September with $134.4 million in cash and cash equivalents, down from $203.3 million at the end of June and $237.9 million at the end of 2025. The company raised its stake in Northern Data to about 98% during the quarter and expects to own all of it in early 2027.

It also warned that part of the roughly 250 megawatts of unmonetized capacity it had targeted for 2027 may slip beyond that year due to market conditions. RUM Group guided fourth-quarter revenue to $88 million to $94 million.

Another Bitcoin Holder Shrinks Its Treasury

Rumble has been 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 — a platform-level crypto push that predates this quarter's treasury sale.

Its sales add to a run of companies trimming or exiting bitcoin positions as prices fall and capital shifts toward AI. 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.

Bitcoin traded near $72,800 early Thursday, well below the roughly $83,400 per coin implied by Rumble's Sept. 30 valuation. At that price, its remaining 94.68 bitcoin would be worth about $6.9 million.

Whether Rumble keeps a token stack or sells the rest is a question its next quarterly report should answer.

This article first appeared on Bitcoin Magazine and is written by Micah Zimmerman.