Genius Group increases its BTC holdings by 50% to $30m

Genius Group increased its Bitcoin holdings with a significant acquisition announced on December 30.

The company announced that it purchased an additional $10 million worth of Bitcoin (BTC) to bring its BTC treasury to 319.4 BTC, worth $30 million.

Genius purchased Bitcoin at an average price of $93,919 per BTC. The publicly traded company’s announcement comes as MicroStrategy led the latest BTC buying spree, reaching 446,400 BTC in total assets.

Notably, Genius Group reached $30 million in BTC volume within six weeks of announcing its Bitcoin strategy.

The AI-powered company, which is listed on the New York Stock Exchange, started buying on November 12 and acquired $10 million worth of BTC. Genius has steadily acquired a large portion of its flagship digital asset since then, with 194 Bitcoins worth $18 million added on December 9, making the average purchase price at the time $92,728 per BTC.

Genius Group’s “Bitcoin first” strategy aims to put at least 90% of its reserves in the benchmark cryptocurrency. The initial investment is targeted to be $120 million, and the company says it has now reached 25% of this amount after the latest acquisition.

Genius Group CEO Roger Hamilton said:

“It’s been less than two months since we launched our Bitcoin Treasury Strategy. “We are constantly purchasing Bitcoin and are pleased to be ahead of our internal schedule to reach our initial goal of 1,000 Bitcoin in our treasury.”

As of December 29, the company had purchased 319.4 Bitcoins, reaching an average purchase price of $95,060 per Bitcoin. Genius Group’s market cap was $40.6 million and its share price closed at $0.64 on December 27, 2024.