Genius Group Expands Bitcoin Treasury by 52% to 100 BTC

Genius Group, a Singapore-based artificial intelligence education company, has significantly expanded its corporate Bitcoin treasury by 52%, acquiring an additional 34 BTC. This brings the firm’s total holdings to 100 BTC, purchased for over $10 million at an average price of $100,600 per Bitcoin. The company's treasury surpassed the 100 BTC mark following a favorable court order that allowed it to resume Bitcoin accumulation.

The acquisitions are part of Genius Group's strategic plan to accumulate 1,000 BTC for its corporate treasury. The firm resumed its Bitcoin accumulation on May 22, after receiving a favorable ruling by the US Court of Appeals against its previous Bitcoin investment ban. This ruling came after a New York District court issued a preliminary injunction and temporary restraining order on March 13, which barred the firm from buying more Bitcoin due to a dispute surrounding its merger with Fatbrain AI.

Roger Hamilton, CEO of Genius Group, highlighted the significance of this development, stating that the company was one of the first to launch a Bitcoin Treasury on the New York Stock Exchange American and was subsequently one of the few companies legally prevented from buying Bitcoin by a US court. Hamilton expressed his satisfaction with regaining the right to manage the company’s capital as deemed fit by the Board and shareholders, reiterating the firm’s goal of amassing 1,000 BTC.

The increasing institutional adoption of Bitcoin as a reserve asset is a notable trend in corporate strategies. For instance, video game giant GameStop recently upsized its private convertible note offering to $2.25 billion, signaling a deeper commitment to its Bitcoin treasury. This move came two weeks after GameStop announced the purchase of 4,710 Bitcoin valued at about $513 million, making the firm one of the largest corporate BTC holders.

Genius Group's strategic move to expand its Bitcoin holdings reflects a broader trend among corporations seeking to diversify their reserves with digital assets. The company's ability to resume its Bitcoin accumulation, despite previous legal hurdles, underscores the growing acceptance and integration of cryptocurrencies in mainstream corporate finance. As more companies adopt Bitcoin as a reserve asset, the trend is likely to continue, further solidifying the role of digital currencies in the global financial landscape.