The post Genius Group increases its BTC holdings by 50% to $30m appeared on BitcoinEthereumNews.com.

Genius Group has added to its bitcoin holdings with a significant purchase announced on Dec. 30. The company disclosed it acquired additional Bitcoin (BTC) worth $10 million to bring its BTC treasury to 319.4 BTC, worth $30 million. Genius bought the Bitcoin at the average price of $93,919 per BTC. The publicly-traded company’s announcement came as MicroStrategy led the latest BTC buying spree with its total holdings hitting 446,400 BTC. Notably, Genius Group has hit the $30 million BTC haul within six weeks of announcing its Bitcoin strategy.  The AI-powered company that trades on the New York Stock Exchange began its buying on Nov. 12, scooping BTC worth $10 million. Genius has since consistently snapped up a chunk of the flagship digital asset, with 194 Bitcoin worth $18 million added on Dec. 9. The average purchase price at the time was $92,728 per BTC Genius Group’s “Bitcoin-first” strategy targets putting at least 90% of its reserves in the benchmark cryptocurrency. The initial investment is targeted at $120 million, which the company says it is currently 25% into after the latest purchase. Genius Group chief executive officer Roger Hamilton said: “It has been less than two months since we launched our Bitcoin Treasury Strategy. We have been buying Bitcoin consistently and are pleased to be ahead of our internal schedule to reach our initial target of 1,000 Bitcoin in our treasury.” As of Dec. 29, the company’s acquisition of 319.4 Bitcoin has come at an average purchase price of $95,060 per Bitcoin. Genius Group had a market cap of $40.6 million as its share price closed at $0.64 on Dec. 27, 2024. Source: https://crypto.news/genius-group-increases-its-btc-holdings-by-50-to-30m/

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Filed under: News - @ December 30, 2024 8:22 pm