Genius Group Limited, a publicly traded company has strengthened its position in Bitcoin by acquiring 110 BTC with an estimated value of $10 million. This move sets up the firm’s Bitcoin treasury, which is an important development in the company’s “Bitcoin first” approach outlined in the fourth quarter of 2023.
This acquisition is the beginning of its larger strategy to allocate 90% of its reserves to Bitcoin, with a goal of attaining $120 million in BTC. CEO Roger James Hamilton notes that Genius Group is in a strong position to incorporate traditional learning with the new-age financial literacy that is powered by blockchain. Hamilton stated, “When Genius Group decided to adopt MicroStrategy’s Bitcoin treasury plan, there were no clear guidelines available for companies to follow.”
As part of its expansion, Genius Group plans to introduce Bitcoin as a payment method on its educational technology platform. The company will also kick off the “Web3 Wealth Renaissance” series. This initiative will utilize AI to impart knowledge on crypto-assets, blockchain, and the use and function of Bitcoin in de-centralized economies.
Genius Group’s use of Bitcoin as part of its treasury reserve is in tandem with other major public companies like MicroStrategy.
Corporate adoption of Bitcoin accelerates
The corporate adoption of Bitcoin increased in 2024, and companies such as MicroStrategy, MARA Holdings, and others increased their Bitcoin investments. MicroStrategy bought 51,780 BTC for $4.6 billion today, making its total holdings 331,200 BTC worth $30 billion.
This morning:
– MicroStrategy buys another 51,780 BTC for $4.6B
– MARA announces $700 million convert to acquire more BTC
– Semler Scientific raises $21mm ATM and acquires 215 BTC
– Metaplanet issues ¥1.75B debt offering to buy more BTCThe corporate Bitcoin race is heating up.
— Sam Callahan (@samcallah) November 18, 2024
MicroStrategy’s latest Bitcoin purchase is its biggest to date and accounts for more than 16% of the company’s overall Bitcoin holdings. Other corporations are also expanding their efforts into the crypto sector. Metaplanet, an investment firm based in Tokyo, announced a ¥1.75 billion debt offering to buy more Bitcoin.
The healthcare industry is also entering the Bitcoin market. Cosmos Health Inc. has also adopted a strategy to add Bitcoin and Ethereum to its treasury reserves. Likewise, Semler Scientific raised $21 million and bought 215 BTC.
MARA Holdings also revealed today that it intends to apply the net proceeds from the convertible note offering to repurchase $200 million of notes and buy more Bitcoin.
Meanwhile, the government’s interest in Bitcoin is on the rise. Sławomir Mentzen, a candidate for the Polish presidential election, has unveiled plans to create a national Bitcoin reserve if he wins the election.
His proposal is similar to initiatives like the U.S. bill by Senator Cynthia Lummis to buy one million Bitcoins over the next five years to reduce the national debt. President-elect Donald Trump has also pledged to establish a U.S. Bitcoin reserve.
El Salvador, led by President Nayib Bukele, adopted Bitcoin as legal tender in 2021 and has amassed a 5,748.8 BTC reserve. Bhutan has also joined the race with a digital asset portfolio worth $780 million as of September 2024. As of this writing, Bitcoin is currently trading at $91,467, having surged by 5% in the last week and 2% in the last 24 hours.
Land a High-Paying Web3 Job in 90 Days: The Ultimate Roadmap
Source: https://www.cryptopolitan.com/genius-group-launches-10m-bitcoin-treasury/