Genius Group Limited has purchased 110 Bitcoin for $10 million.
The firm will allocate at least 90% of its reserves to Bitcoin.
Genius Group Limited, a publicly traded firm, has acquired 110 Bitcoin, valued at $10 million, with an average acquisition price of $90,932 per BTC. This purchase aligns with the company’s “Bitcoin-first” treasury initiative.
It aims to allocate 90% and above of its reserves to Bitcoin, and the firm has a target of accumulating $120 million in Bitcoin holdings. The shift in strategy to a Bitcoin-dominated reserve follows companies like MicroStrategy, with Genius Group recognizing Bitcoin as a critical store of value.
Podcast to Unveil Strategy
To expand on this initiative, Genius Group CEO Roger Hamilton will host a live podcast on Tuesday, November 19, at 9:00 AM Eastern Time, as part of the company’s ongoing Bitcoin & Blockchain Education Series. With the board members Thomas Power and Ian Putter, Hamilton will discuss the concerns of the future of Bitcoin and fiat currencies. Also the pioneering Bitcoin strategy of Michael Saylor’s MicroStrategy, and the details of Genius Group’s own Bitcoin Treasury plan.
Hamilton stated:
“When Genius Group decided to adopt Microstrategy’s Bitcoin Treasury plan, there was no clear guidelines available for companies to easily follow. 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.”
In addition, to enhance its BTC reserve strategy, Genius Group plans to launch a Web3 Wealth Renaissance educational series. It aims to make a better understanding of Bitcoin, cryptocurrency, and blockchain among students, utilizing the firm’s advanced AI technology.
Moreover, it facilitates Bitcoin payments on Genius Group’s Edtech platform to broaden the accessibility for users around the globe. In addition, the firm plans to utilize a $150 million ATM facility to obtain an initial target intended for long-term reserve.
Notably, the leading cryptocurrency, Bitcoin (BTC), surged to a record-breaking all-time high last week. Currently, BTC trades at $91,514 with its daily trading volume soaring over 76% to $76.88 billion. The asset has witnessed a remarkable rise and become a key institutional investment option.
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