AI Firm Genius Group Boosts Bitcoin Treasury with $14M Purchase

Shares of Genius Group saw an 8.5% jump following the announcement that the Singapore-based artificial intelligence firm had expanded its Bitcoin holdings by $14 million.

In a press release on November 21, Genius Group revealed it had added another $4 million worth of Bitcoin to its crypto portfolio, increasing its total Bitcoin holdings to 153 BTC. This acquisition is part of the company’s broader strategy to build a robust Bitcoin treasury, which the firm had first announced on November 12.

Genius Group’s commitment to a “Bitcoin-first” strategy involves allocating 90% or more of its reserves to Bitcoin, with an initial target of $120 million in cryptocurrency. The latest purchase follows a $10 million Bitcoin acquisition made just days earlier on November 18, signaling the company’s growing belief in Bitcoin as a core asset.

Accelerating Bitcoin Acquisitions

This recent move marks Genius Group’s second Bitcoin purchase in less than two weeks since formally establishing its Bitcoin Treasury. The firm’s decision to acquire more Bitcoin aligns with a growing trend among publicly listed companies reevaluating their financial strategies to incorporate cryptocurrency as a store of value.

Roger Hamilton, the CEO of Genius Group, stated that the firm’s increased investment in Bitcoin reflects a broader shift in corporate financial strategies, where more companies are recognizing the potential of Bitcoin in their balance sheets.

Genius Group board member, Thomas Power, emphasized the company’s belief in Bitcoin as the “primary store of value,” noting the similarities between Genius Group’s strategy and that of MicroStrategy, the business intelligence firm that has made Bitcoin a significant part of its corporate reserves.

As more companies embrace Bitcoin as a key treasury asset, Genius Group’s aggressive Bitcoin acquisition strategy positions it as a prominent player in the ongoing trend of corporate Bitcoin adoption. The firm’s forward-looking approach highlights the growing role of cryptocurrency in shaping the future of corporate finance.