AI Firm Genius Group Resumes Bitcoin Buys After Court Ruling
Genius Group, a Singapore-based artificial intelligence firm, has recently increased its Bitcoin holdings. This move comes after a temporary ban that restricted the company from expanding its Bitcoin treasury. The firm has resumed its Bitcoin accumulation strategy following a favorable ruling by the US Court of Appeals.
Bitcoin Treasury Increase
According to a recent announcement, Genius Group has increased its Bitcoin Treasury by 40% with the purchase of 24.5 BTC, valued at approximately $2.7 million. The company now holds a total of 85.5 BTC, acquired for $8.5 million at an average price of $99,700 per coin. As reported by CoinTelegraph, the company’s CEO, Roger Hamilton, expressed pleasure in rebuilding shareholder value after the challenges posed by legal actions.
Commitment to Bitcoin
Roger Hamilton stated that Genius Group is dedicated to educating students on AI, Bitcoin, and community, preparing them for the digital workforce and economy. He emphasized that building their Bitcoin Treasury is a crucial part of this plan.
Stock Market Performance
Genius Group is listed on the New York Stock Exchange (NYSE) with a market capitalization of $24.34 million. However, its stock is currently trading at $0.34, which is less than half of its value at the beginning of the year, reflecting an 8% drop in the last trading day.
Following MicroStrategy’s Lead
Genius Group’s accumulation of Bitcoin mirrors the strategy of companies like MicroStrategy, which holds a significant amount of Bitcoin. Other firms, such as a Bahrain-based catering company and luxury watchmaker Top Win (now AsiaStrategy), have also adopted similar Bitcoin treasury strategies.
Conclusion
Genius Group’s recent resumption of Bitcoin buying signals a continued belief in the long-term value of Bitcoin, aligning with a growing trend among corporations to include Bitcoin in their treasury reserves. This move reflects a broader strategy to integrate digital assets into corporate financial planning, despite market volatility and regulatory hurdles. This comes just as Bitcoin price is struggling to stay above $70k.
Disclaimer
The information provided in this article is for informational purposes only and does not constitute financial advice. All news content is sourced from trusted platforms like Cointelegraph, Bitcoinist, and our own writers written with added value, editorial insights and reviews by our team. Always do your own research before making any investment decisions.
