Genius Group Back in the Bitcoin Game
Singapore-based artificial intelligence (AI) firm Genius Group has reignited its Bitcoin accumulation strategy after a favorable ruling from a US Court of Appeals. The company, previously barred from expanding its Bitcoin treasury due to a court order that restricted its financial operations, is now free to add more BTC to its holdings. This follows a period where Genius Group faced restrictions on selling shares, raising funds, and using investor money to buy Bitcoin.
In a May 22 announcement, Genius Group revealed a 40% increase in its Bitcoin treasury through the acquisition of 24.5 BTC, valued at approximately $2.7 million. This brings their total BTC holdings to 85.5 BTC, acquired for a total of $8.5 million at an average price of $99,700 per coin.
Embracing the Future: AI, Bitcoin, and Community
Genius Group‘s CEO, Roger Hamilton, expressed his satisfaction with the court ruling, stating that it allows the company to rebuild shareholder value and execute its 2025 plan. Hamilton emphasized Genius Group‘s commitment to educating its students on the key elements of the future: AI, Bitcoin, and community.
“We are pleased to be able to begin the task of rebuilding shareholder value from the damage caused by the legal actions of third parties, and delivering on our 2025 plan.” – Roger Hamilton, CEO, Genius Group
Genius Group, listed on the New York Stock Exchange (NYSE) with a current market cap of $24.34 million, believes that building a Bitcoin treasury is crucial for preparing the world for the digital workforce and economy.
Following in MicroStrategy‘s Footsteps
Genius Group‘s move to expand its Bitcoin holdings mirrors the strategy adopted by the world’s leading corporate Bitcoin treasury company, MicroStrategy (formerly known as Strategy). MicroStrategy now holds over 2% of the total Bitcoin that will ever be created and continues to accumulate more, having recently acquired nearly $765 million worth of BTC.
Genius Group is not the only company following in MicroStrategy‘s footsteps. Earlier this month, a Bahrain-based catering company with a $24.2 million market cap, adopted a Bitcoin treasury strategy in partnership with investment firm 10X Capital. Additionally, luxury watchmaker Top Win, which has since rebranded to AsiaStrategy, saw its shares surge over 60% after announcing its Bitcoin accumulation strategy.
These developments showcase the growing trend of companies, particularly those with a focus on technology and innovation, embracing Bitcoin as a valuable asset. While the move by Genius Group follows a legal battle and financial restrictions, it highlights the rising confidence and acceptance of Bitcoin as a store of value and a strategic investment within the corporate world.
