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Genius Group starts $10M Bitcoin investment strategy

Genius Group starts $10M Bitcoin investment strategy

GrafaGrafa2024/11/19 17:00
By:Mahathir Bayena

Genius Group, an artificial intelligence company, has embarked on its plan to convert most of its treasury reserves into Bitcoin (CRYPTO:BTC) by purchasing 110 BTC for $10 million at an average price of $90,932 per coin. 

This step is part of the company's broader strategy to acquire up to $120 million in Bitcoin. 

CEO Roger Hamilton highlighted that when the company decided to adopt a Bitcoin treasury approach similar to MicroStrategy’s, they discovered a lack of comprehensive guides for the process. 

To bridge this gap, Genius Group will launch a podcast on November 19 to share insights and assist other companies in adopting similar strategies. 

“We believe with the information our podcast will provide, more companies will see the benefits of establishing a Bitcoin treasury, and will be equipped with the clear steps to follow,” expressed Hamilton.

Since the announcement, Genius Group’s stock (GNS) has shown moderate growth, closing at $0.91 on November 18, up over 22% for the month. 

However, it remains below the $1.05 reached after the initial Bitcoin adoption announcement and significantly lower than its all-time high of $96.80 set in June 2022. 

This move by Genius Group aligns with a growing trend of corporate Bitcoin accumulation. 

MicroStrategy recently expanded its holdings with an acquisition of 51,780 BTC for $4.6 billion, increasing its total to 331,200 BTC. 

Similarly, Semler Scientific added 215 BTC valued at $17.7 million, bringing its total holdings to 1,273 BTC. 

Japanese investment firm Metaplanet also plans to increase its Bitcoin reserves, funding the move with an $11.3 million bond issuance. 

Bitcoin mining company MARA Holdings Inc (formerly Marathon Digital) disclosed plans to raise $700 million through convertible notes, with a portion of the proceeds earmarked for additional Bitcoin purchases. 

This trend of corporate Bitcoin investment highlights the growing acceptance of cryptocurrency as a strategic asset reserve.

At the time of reporting, the Bitcoin (BTC) price was $91,913.73.

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Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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