By crypto.news | Created at 2024-11-21 14:37:03 | Updated at 2024-11-21 19:44:52
5 hours ago
Genius Group’s shares were up 8.5% after the Singapore-based firm announced it had invested $14 million to expand its Bitcoin portfolio.
Artificial intelligence firm Genius Group announced in a Nov. 21 press release that it had added an additional $4 million to its Bitcoin (BTC) purchases, bringing its total holdings to 153 BTC in its crypto treasury.
The purchase follows Genius Group’s announcement on Nov. 12 of its commitment to a “Bitcoin-first” strategy, under which the firm intends to allocate 90% or more of its reserves to Bitcoin, with an initial target of $120 million in crypto. The firm had previously revealed a $10 million Bitcoin purchase on Nov. 18 as part of this strategy.
Genius speeds up with crypto purchases
The latest acquisition marks another Bitcoin purchase within two weeks since Genius Group formally established its Bitcoin Treasury.
Genius Group chief executive officer Roger Hamilton stated that the decision to acquire more Bitcoin aligns with the broader trend of publicly listed companies revising their financing strategies and increasing Bitcoin holdings.
Genius Group board member Thomas Power emphasized the firm’s belief in Bitcoin as the “primary store of value” supporting exponential technologies, noting parallels with MicroStrategy’s Bitcoin-focused approach.
