Genius Group Increases Bitcoin Holdings with New $4 Million Purchase

Genius Group Increases Bitcoin Holdings

In an ambitious move towards embracing cryptocurrency, Genius Group (NYSE American: GNS), an artificial intelligence company, has upped its Bitcoin investments by an additional $4 million. This recent allocation has inflated its total Bitcoin holdings to a remarkable 153 Bitcoins, valued at approximately $14 million. This strategic acquisition comes on the heels of its newly adopted 'Bitcoin First' strategy.

Understanding Genius Group's 'Bitcoin First' Strategy

Announced on November 12, Genius Group's 'Bitcoin First' strategy sets a bold goal for the company. The plan mandates that the company will hold 90% or more of its current and future reserves in Bitcoin. This innovative strategy is not only a testament to the increasing relevance of digital currencies but also highlights the company's intent to lead in the ever-evolving cryptocurrency landscape.

Details of Recent Purchases

Following the implementation of its Bitcoin strategy, on November 18, Genius Group revealed its first Bitcoin purchase, securing $10 million worth of the cryptocurrency. This purchase represents a significant component of the company's commitment to establishing a robust Bitcoin treasury.

Timeline of Acquisitions

This recent investment marks the second acquisition made by Genius Group within a mere two weeks. Earlier in November, the company acquired 110 Bitcoins for $10 million, which underscores its substantial commitment to the cryptocurrency. As of now, the average purchase price for Bitcoin stands at $91,372.

Future Goals and Targets

One of the main targets of Genius Group's Bitcoin strategy is to amass a total of $120 million worth of Bitcoin. As the company continues to navigate the complexities of the crypto market, its strategic movements may set a precedent for others in the tech and finance industry.

Conclusion

Genius Group's proactive approach to increasing its Bitcoin holdings exemplifies the growing trend among companies to embrace cryptocurrency as a legitimate and viable asset. As they aim for a total of $120 million in Bitcoin reserves, the impact of their acquisitions will likely resonate within the broader financial markets. Keeping an eye on such developments could provide valuable insights into the future of crypto investments.