Key Points
- Education technology firm Genius Group has invested $2.2 million in Bitcoin, bringing its total holdings to 191 BTC.
- The Singapore-based company plans to allocate 90% of its current and future reserves to Bitcoin.
Singapore’s Genius Group, an education technology company, has increased its cryptocurrency investments with a recent acquisition of Bitcoin worth $2.2 million.
On December 9, it was announced that this purchase has raised the company’s total Bitcoin holdings to 191 BTC, which is estimated to be worth around $18 million. The average acquisition price per Bitcoin was $92,728.
Bitcoin-First Strategy
Genius Group declared its dedication to Bitcoin as a treasury reserve asset on November 12. This move followed the trend set by industry leaders such as MicroStrategy.
The company’s “Bitcoin-first” strategy involves allocating 90% or more of its current and future reserves to Bitcoin, aiming for a long-term target of $120 million in holdings.
To initiate this strategy, Genius Group invested $10 million in Bitcoin shortly after the announcement. It has been adding to its reserves consistently since then, acquiring an average of $2 million worth of Bitcoin weekly. This strategy highlights the company’s confidence in Bitcoin as a store of value and a key component of its financial operations.
Upcoming Investor Meeting
Genius Group plans to reveal its wider growth plans during an Investor Meeting at Bitcoin MENA 2024 in Abu Dhabi on December 10.
The meeting, scheduled for 5:30 PM UAE time (8:30 AM US Eastern Time), will feature Genius Group’s CEO, Roger Hamilton, who will outline the company’s vision for 2025.
The meeting will cover topics such as the expansion of its “Bitcoin-First” Treasury Strategy and the development of its AI-powered decentralized education platform, “Built on Bitcoin.” This platform aims to transform learning through on-chain Genius Education Merits (GEMs), AI tutors, and certifications powered by Bitcoin’s Lightning Network.
Industry Momentum
Genius Group is not the only company boosting its Bitcoin reserves. MicroStrategy also announced a significant Bitcoin purchase on the same day, acquiring 21,550 BTC for approximately $2.1 billion in cash.
This latest acquisition increases MicroStrategy’s total Bitcoin holdings to 423,650 BTC, with an aggregate purchase price of $25.6 billion and an average cost of $60,324 per Bitcoin.
Both Genius Group and MicroStrategy’s strategic acquisitions occur at a time when Bitcoin has surpassed the $100,000 mark, solidifying its position as a top-tier digital asset. These moves are indicative of a growing trend among corporations using Bitcoin to hedge against inflation and embrace the potential of decentralized finance.
