Genius Group has increased its Bitcoin holdings through a significant purchase announced on December 30th.
The company announced that it purchased an additional $10 million worth of Bitcoin (BTC), increasing its BTC holdings to 319.4 BTC worth $30 million.
Genius purchased the Bitcoin at the average price of $93,919 per BTC. The publicly traded company’s announcement came as MicroStrategy led the recent BTC buying spree, with its total holdings reaching 446,400 BTC.
Notably, Genius Group reached the $30 million BTC mark within six weeks of announcing its Bitcoin strategy.
The AI-powered company, which trades on the New York Stock Exchange, began buying on November 12, bagging $10 million worth of BTC. Since then, Genius has continued to secure a portion of the flagship digital asset, adding 194 Bitcoin worth $18 million on December 9th. The average purchase price at that time was $92,728 per BTC
Genius Group’s “Bitcoin-first” strategy aims to invest at least 90% of its reserves in the benchmark cryptocurrency. The initial investment is expected to be $120 million, of which the company is currently investing 25% following its latest purchase.
Roger Hamilton, CEO of Genius Group, said:
“It has been less than two months since we launched our Bitcoin treasury strategy. We have been continually purchasing Bitcoin and are excited to be ahead of our internal schedule and reach our original goal of 1,000 Bitcoin in our treasury.”
As of December 29, the company had acquired 319.4 Bitcoin at an average purchase price of $95,060 per Bitcoin. Genius Group had a market cap of $40.6 million as its share price…
