Artificial intelligence company Genius Group has begun the process of converting a large portion of its financial reserves into Bitcoin, purchasing 110 Bitcoins worth $10 million, while also wanting to share this experience with other businesses.
According to a statement released on November 18, Genius Group executed the purchase at an average price of $90,932 per BTC. This is the first step in the company's long-term strategy to achieve its financial goals.
On November 12, the company announced a commitment to allocate 90% or more of its current and future reserves to hold Bitcoin, with an initial target of $120 million.
Roger Hamilton, CEO of Genius Group, stated that before the company decided to adopt MicroStrategy's Bitcoin treasury plan, they did not have a clear roadmap. Therefore, the company decided to launch a podcast on November 19 to support businesses considering using Bitcoin as part of their financial strategy.
"We have seen that when Genius Group decided to pursue MicroStrategy's Bitcoin treasury plan, there was no clear guidance for businesses. With this podcast, we hope to provide useful information to help companies recognize the potential of building a Bitcoin treasury and take concrete steps," Hamilton shared.
Since announcing plans to convert assets to Bitcoin, shares of Genius Group (GNS) have seen slight growth. On November 18, the company's shares closed with a gain of over 22% for the month, reaching $0.91. However, the stock price is still below the $1.05 reached immediately after the announcement and is far from the all-time high of $96.80 in June 2022.
The Bitcoin race is heating up as companies ramp up their purchases; MicroStrategy, led by Michael Saylor, bought an additional 51,780 Bitcoins worth $4.6 billion on November 18, bringing the total Bitcoin held by the company to 331,200.
MicroStrategy also announced plans to raise $1.75 billion through long-term convertible bonds with a 0% interest rate to continue expanding its Bitcoin reserves.
This year, many other companies have also joined the trend of Bitcoin reserves.
On November 18, Semler Scientific, a technology solutions provider, announced that it had purchased an additional 215 Bitcoins worth $17.7 million between November 6 and 15, bringing its total Bitcoin holdings to 1,273.
Japanese investment firm Metaplanet now owns over 1,000 Bitcoins and on November 17 announced plans to purchase more Bitcoin, while also issuing conventional bonds worth $11.3 million (equivalent to 1.75 billion Japanese yen) to support this strategy.
Bitcoin mining company MARA Holdings also announced the issuance of $700 million convertible bonds to purchase more Bitcoin. According to the company's press release on November 18, $200 million of the raised funds will be used to repurchase part of the convertible bonds maturing in 2026, while the remainder will be used to accumulate more Bitcoin, expand operations, pay off debt, and meet other financial needs.
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