Artificial intelligence firm Genius Group took the first steps to turn most of its treasury reserves into Bitcoin, purchasing 110 Bitcoin for $10 million — and it wants to teach other firms to do the same.
According to a Nov. 18 statement from the firm, it purchased at an average price of $90,932 per Bitcoin (BTC) the first in “ongoing purchases the Company intends to make towards its target.”
On Nov. 12, the AI firm said it was committing 90% or more of its current and future reserves to be held in Bitcoin, with an initial target of $120 million.
Source: Sam Callahan
Roger Hamilton, CEO of Genius Group, said that even after deciding to follow MicroStrategy’s treasury approach, they didn’t have a clear way forward, so they are launching a podcast on Nov. 19 to help others considering Bitcoin as a treasury reserve.
“When Genius Group decided to adopt MicroStrategy’s Bitcoin treasury plan, there was no clear guidelines available for companies to easily follow,” he said.
“We believe with the information our Podcast will provide, more companies will see the benefits of establishing a Bitcoin treasury, and will be equipped with the clear steps to follow.”
Genius Group’s stock price has experienced a slight increase since the initial announcement to adopt Bitcoin.
Related: MicroStrategy’s Bitcoin portfolio surpasses $20B, ROI now over 100%
Its shares closed the Nov. 18 trading session up over 22% for the month at $0.91, according to Google Finance.
Genius Group’s share price has experienced a slight uptick since the initial announcement to adopt Bitcoin. Source: Google Finance
However, the stock price is still down slightly from the $1.05 it hit the next trading session after the announcement, and a far cry from all-time high of $96.80 in June 2022.
Bitcoin race heats up as firms increase holdings
Michael Saylor’s MicroStrategy acquired an additional 51,780 Bitcoin worth $4.6 billion on Nov. 18, boosting its total holdings to 331,200.
The company also flagged plans to raise $1.75 billion to buy more Bitcoin from senior convertible notes at a 0% interest rate.
Other firms have also seized on the…
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