Genius Group has recently purchased 110 Bitcoin for $10 million as part of its strategy to move most of its treasury reserves into cryptocurrency. This acquisition is the first in their ongoing plan to use Bitcoin as their primary reserve asset.
Genius Group's Bitcoin Investment
According to a November 18 statement, the firm purchased 110 Bitcoin at an average price of $90,932 per Bitcoin. This purchase is part of a plan to commit 90% or more of its current and future reserves to Bitcoin, with an initial target of $120 million.
Market Reaction to Genius Group's Moves
Following the announcement of the Bitcoin treasury strategy, Genius Group's (GNS) stock price experienced a 22% increase over the month, reaching $0.91. However, the stock price remains below the peak of $1.05 seen the next trading session post-announcement and far from the all-time highs of $96.80 achieved in June 2022.
Trend of Using Bitcoin for Reserves
Other companies are also actively shifting their reserves into Bitcoin. MicroStrategy has increased its holdings to 331,200 Bitcoin, while firms like Semler Scientific and Japan-based Metaplanet are acquiring substantial amounts of cryptocurrency. This underscores the ongoing rise in businesses viewing Bitcoin as a reliable reserve asset.
Genius Group's decision to invest in Bitcoin highlights a growing trend among companies opting for cryptocurrency as a means to preserve and increase capital. Such actions are expected to encourage more firms to follow suit.
