Genius Group Bitcoin Treasury Boosted With 153 BTC Purchase
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Read more: MicroStrategy Founder Michael Saylor Criticized For Controversial Proposal
The company now holds a total of 153 Bitcoins, worth about $14 million, that were acquired at an average price of $91,372 per Bitcoin. This is the group’s second purchase of Bitcoin since the Genius Group Bitcoin treasury strategy was announced two weeks ago.
The decision was made after the company informed us of its commitment to invest 90% or more of its reserves into Bitcoin on November 12. Ambitious to hold $120 million in Bitcoin, Genius Group’s first purchase was $10 million on November 18. This latest acquisition goes hand in hand with its ongoing plan to meet this target.
CEO Roger Hamilton explained that the company was inspired by MicroStrategy’s Bitcoin centric treasury model but didn’t really have a precise set of steps it needed to follow. To help other companies explore such strategies, Genius Group will also release a podcast on November 19, detailing experiences and best practices from using Bitcoin to create value in financial planning.
The decision also comes as MicroStrategy continues to acquire Bitcoin under CEO Michael Saylor. Specifically, on November 18, the company acquired another 51,780 Bitcoin, valued at $4.6 billion, bringing its total holdings to an astonishing 331,200 BTC.
The Genius Group Bitcoin treasury strategy points to the growing trend of corporate Bitcoin adoption, where businesses increasingly view the cryptocurrency as a viable reserve asset. Its bold strategy aims to make it a pioneer in Bitcoin integration into financial operations.
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