As a seasoned analyst with over two decades of experience in the tech and finance sectors, I find Genius Group’s aggressive Bitcoin acquisition strategy intriguing. Having closely followed MicroStrategy’s Bitcoin-centric approach, it seems that Genius Group is not only following suit but potentially setting a new pace.
Shares of Genius Group rose by 8.5% following news that they had invested a significant sum, $14 million, in order to broaden their holdings in Bitcoin.
In simpler terms, on November 21st, the company Genius Group revealed through a press statement that they had increased their Bitcoin (BTC) investment by an extra $4 million. This addition brings their total Bitcoin holdings to 153 BTC, which are now stored in their digital currency reserve.
After Genius Group declared their “Bitcoin-first” approach on November 12, which involves dedicating at least 90% of their reserves to Bitcoin, with an initial goal of investing $120 million in cryptocurrency, the company has now made a purchase following through on this strategy. Earlier, they had also disclosed a $10 million Bitcoin acquisition on November 18, as part of this same plan.
Genius speeds up with crypto purchases
As an analyst, I’m reporting that we’ve just made another Bitcoin purchase, marking the second within a fortnight since the Bitcoin Treasury of Genius Group was officially established.
In simpler terms, Roger Hamilton, CEO of Genius Group, mentioned that their choice to buy more Bitcoin is consistent with a wider pattern among publicly traded firms, who are adjusting their financial strategies and accumulating more Bitcoin in their portfolios.
Thomas Power, a member of the Genius Group’s board, underscored their conviction that Bitcoin serves as the “principal form of value preservation” for advance technologies, pointing out similarities to MicroStrategy’s strategy centered around Bitcoin.
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2024-11-21 17:47