Genius Group, a Singapore-based education firm, has increased its Bitcoin assets following a court ruling lifting previous purchase restrictions.
Court Ruling and Asset Increase
Genius Group expanded its Bitcoin assets by 52% by acquiring 34 additional BTC over the past month, bringing its total to 100 BTC. The average purchase price was $100,600 per BTC, totaling approximately $10.06 million. This followed a ruling by the U.S. Court of Appeals on May 6, which overturned prior restrictions on cryptocurrency acquisitions.
Company's Long-Term Goals
The company confirmed its long-term goal of accumulating a treasury of 1,000 BTC. CEO Roger Hamilton stated: 'We are pleased to regain the right to manage our company’s capital as our Board and shareholders see fit. Our 100 Bitcoin milestone is a significant step towards our 1,000 Bitcoin target.'
Corporate Trends in Bitcoin Market
This development coincides with a broader wave of corporate adoption of Bitcoin. Recently, The Blockchain Group announced it had raised €7.2 million to enhance its Bitcoin treasury, while Metaplanet in Japan recently achieved its target of 10,000 BTC after acquiring 1,112 BTC.
The increase in Genius Group's Bitcoin assets highlights the ongoing trend of corporate adoption of digital currencies, creating new opportunities in the financial market.
