Artificial intelligence company Genius Group has taken its first steps to convert a large portion of its treasury reserves into Bitcoin. The company purchased 110 Bitcoin for a total value of $10 million — and aims to guide other companies to do the same.
According to a statement on November 18 from the company, they purchased at an average price of $90,932 per Bitcoin (BTC), kicking off a "continuous buying spree that the Company intends to undertake to achieve its objectives."
On November 12, the AI company announced its commitment to allocate 90% or more of its current and future reserves to be held in Bitcoin, with an initial target of $120 million.
Source: Sam Callahan
Roger Hamilton, CEO of Genius Group, stated that when they decided to follow MicroStrategy's treasury plan, they had no clear standard template to follow. Therefore, they plan to launch a podcast on November 19 to help those who are considering using Bitcoin as a treasury reserve.
See more: Standard Chartered predicts crypto market cap to reach $10 trillion
"When Genius Group decided to adopt MicroStrategy's Bitcoin treasury plan, we had no clear guidance for companies to easily implement it," he said.
"We believe that with the information provided by our Podcast, many companies will see the benefits of establishing a Bitcoin treasury and take clear steps to implement it," he affirmed.
The stock price of Genius Group (GNS) has seen a slight increase since the initial announcement about adopting Bitcoin.
Shares ended the trading session on November 18 up more than 22% for the month at $0.91, according to Google Finance.
The stock price of Genius Group has seen a slight increase since the initial announcement about adopting Bitcoin. Source: Google Finance
However, the stock price still fell slightly from the $1.05 it reached in the trading session following the announcement, and is far from the all-time high of $96.80 set in June 2022.
The Bitcoin race heats up as companies ramp up their holdings
MicroStrategy of Michael Saylor has purchased an additional 51,780 Bitcoin worth $4.6 billion on November 18, increasing the total holdings to 331,200 BTC.
The company has also expressed plans to raise $1.75 billion to purchase more Bitcoin from convertible senior notes at a 0% interest rate.
Many other companies have also embraced the idea of holding Bitcoin this year.
On November 18, technology solution provider Semler Scientific announced it had purchased an additional 215 Bitcoin for $17.7 million between November 6 and 15, bringing the total to 1,273 BTC.
Japanese investment company Metaplanet currently holds over 1K Bitcoin but announced in a post on November 17 on X that it will continue to accumulate more Bitcoin.
Source: Metaplanet
The company plans to issue a year-long secured bond totaling $11.3 million (1.75 billion Japanese yen) to support its Bitcoin ambitions.
Meanwhile, Bitcoin mining company MARA Holdings Inc (MARA), formerly Marathon Digital, has also revealed that it is offering $700 million in convertible senior notes to purchase more Bitcoin.
According to a press release on November 18 from this mining company, up to $200 million of profits will be used to repurchase a portion of the outstanding 2026 convertible notes, while the remaining funds will be used to bolster Bitcoin accumulation, expand, pay down debt, and meet other general needs.
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