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As MicroStrategy continues to reap success with its aggressive Bitcoin play, it’s only a matter of time before other companies tread in the same path.
Genius Group, an AI-focused and Bitcoin education firm, is the latest one to the bandwagon. According to a press release, Genius Group said that it had bought 110 Bitcoins for a sum of $10 million at an average price of $90,932.
This purchase sets up the company’s first “Bitcoin treasury,” an essential step towards its plans to implement a “Bitcoin-first policy,” which it initially outlined in 2023. Under its Bitcoin-first policy implemented last year, the company commits to investing at least 90% of its current and future reserves in digital assets, initially targeting $120 million.
The 110 BTC is the company’s first tranche, and it expects to make more purchases to achieve its strategic plan.
Genius Group announced on November 12th to go full-steam ahead on Bitcoin. According to the company’s corporate strategy presented at the end of the 2023 quarter, it would commit 90% of its reserve to BTC, a long-term plan of holding Bitcoins worth as much as $120 million.
According to CEO Roger James Hamilton, his company is in a position to integrate traditional learning with modern financial literacy backed by the blockchain. He added that when Genius Group adopted MicroStrategy’s Michael Saylor’s Bitcoin plan, there were no rules or plans to follow.
The Genius Group is primarily an AI-focused and Bitcoin-first education group. The group aims to promote Bitcoin as a payment system through its educational platform as part of its operations.
The company recently launched its Web3 Wealth Renaissance, an initiative that seeks to encourage the use of AI and spread awareness of the benefits and functions of cryptocurrencies and the blockchain.
Genius Group’s education campaign also includes a Bitcoin and Blockchain podcast series. On Tuesday at 9:00 a.m. Eastern Time, the podcast will cover a forecast on Bitcoin and fiat money’s future. The podcast will also explore the MicroStrategy story and how Saylor pioneered the Bitcoin Treasury concept.
More Corporations Adopt A Bitcoin-Focused Investing Policy
With MicroStrategy as a clear leader, many companies are also starting to add Bitcoin to their holdings. On November 18th, MicroStrategy announced its purchase of 51,780 Bitcoin for $4.6 billion.
Other companies followed suit, with MARA allocating $700 million to buy more Bitcoin, Semler Scientific raising $21 billion to buy 215 BTC, and Metaplanet issuing a $1.75 billion yen debt to finance its Bitcoin dream.
Other industries are joining the trend, including tech and crypto companies. For example, Cosmos Health Inc. has integrated a crypto strategy. The government’s interest in Bitcoin and crypto is also increasing. Sławomir Mentzen, a Polish presidential candidate, has announced his plans to create a BTC reserve.
Featured image from DALL-E, chart from TradingView
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Genius Group, an AI-focused and Bitcoin education firm, is the latest one to the bandwagon. According to a press release, Genius Group said that it had bought 110 Bitcoins for a sum of $10 million at an average price of $90,932.
This purchase sets up the company’s first “Bitcoin treasury,” an essential step towards its plans to implement a “Bitcoin-first policy,” which it initially outlined in 2023. Under its Bitcoin-first policy implemented last year, the company commits to investing at least 90% of its current and future reserves in digital assets, initially targeting $120 million.
The 110 BTC is the company’s first tranche, and it expects to make more purchases to achieve its strategic plan.
JUST IN: AI firm Genius Group kicks off its #Bitcoin treasury with a $10M purchase of 110 BTC!pic.twitter.com/Ts5KQqi4I6
— Simply Bitcoin (@SimplyBitcoinTV) November 18, 2024
A Bitcoin-First Policy For Genius Group
Genius Group announced on November 12th to go full-steam ahead on Bitcoin. According to the company’s corporate strategy presented at the end of the 2023 quarter, it would commit 90% of its reserve to BTC, a long-term plan of holding Bitcoins worth as much as $120 million.
According to CEO Roger James Hamilton, his company is in a position to integrate traditional learning with modern financial literacy backed by the blockchain. He added that when Genius Group adopted MicroStrategy’s Michael Saylor’s Bitcoin plan, there were no rules or plans to follow.
Genius Group Continues Its Blockchain, Bitcoin Education Series
The Genius Group is primarily an AI-focused and Bitcoin-first education group. The group aims to promote Bitcoin as a payment system through its educational platform as part of its operations.
The company recently launched its Web3 Wealth Renaissance, an initiative that seeks to encourage the use of AI and spread awareness of the benefits and functions of cryptocurrencies and the blockchain.
Genius Group’s education campaign also includes a Bitcoin and Blockchain podcast series. On Tuesday at 9:00 a.m. Eastern Time, the podcast will cover a forecast on Bitcoin and fiat money’s future. The podcast will also explore the MicroStrategy story and how Saylor pioneered the Bitcoin Treasury concept.
More Corporations Adopt A Bitcoin-Focused Investing Policy
With MicroStrategy as a clear leader, many companies are also starting to add Bitcoin to their holdings. On November 18th, MicroStrategy announced its purchase of 51,780 Bitcoin for $4.6 billion.
Other companies followed suit, with MARA allocating $700 million to buy more Bitcoin, Semler Scientific raising $21 billion to buy 215 BTC, and Metaplanet issuing a $1.75 billion yen debt to finance its Bitcoin dream.
Other industries are joining the trend, including tech and crypto companies. For example, Cosmos Health Inc. has integrated a crypto strategy. The government’s interest in Bitcoin and crypto is also increasing. Sławomir Mentzen, a Polish presidential candidate, has announced his plans to create a BTC reserve.
Featured image from DALL-E, chart from TradingView
Continue reading...