Genius Group Acquires $2.2 Million in Bitcoin, Total Holdings Reach 191 BTC
Genius Group, a Singapore-based education technology firm, expanded its cryptocurrency holdings with a recent Bitcoin acquisition valued at $2.2 million. On December 9, the company announced that this purchase increased its total Bitcoin holdings to 191 BTC, approximately worth $18 million, with an average acquisition price of $92,728 per Bitcoin.
A Bold “Bitcoin-First” Strategy
On November 12, Genius Group committed to Bitcoin as a treasury reserve asset, following industry leaders like MicroStrategy. The company's strategy allocates 90% or more of its current and future reserves to Bitcoin, targeting $120 million in total holdings.
Initially, Genius Group invested $10 million in Bitcoin after announcing its strategy and has since added approximately $2 million worth of Bitcoin weekly, demonstrating confidence in Bitcoin as a store of value and a foundation for its financial operations.
Genius to Unveil its Growth Plan at Upcoming Investor Meeting
The company will present its broader growth plans during an Investor Meeting at Bitcoin MENA 2024 in Abu Dhabi on December 10, scheduled for 5:30 PM UAE time (8:30 AM US Eastern Time). CEO Roger Hamilton will discuss the firm's vision for 2025.
Key topics include the expansion of the “Bitcoin-First” Treasury Strategy and the development of the AI-powered decentralized education platform, “Built on Bitcoin,” which aims to enhance learning through on-chain Genius Education Merits (GEMs), AI tutors, and certifications using Bitcoin’s Lightning Network.
Industry Momentum: MicroStrategy’s Massive Bitcoin Purchase
Genius Group's actions align with broader industry trends. On the same day, MicroStrategy announced acquiring 21,550 BTC for about $2.1 billion in cash, purchased at an average price of $98,783 per Bitcoin. This acquisition was funded by selling 5.4 million company shares between December 2 and December 8, 2024.
MicroStrategy's total Bitcoin holdings now stand at 423,650 BTC, with an aggregate purchase price of $25.6 billion and an average cost of $60,324 per Bitcoin.
Both Genius Group and MicroStrategy's acquisitions occur as Bitcoin exceeds the $100,000 mark, reinforcing its status as a leading digital asset. These strategies reflect a growing trend among corporations utilizing Bitcoin to hedge against inflation and explore decentralized finance opportunities.