CoinInsight360.com logo CoinInsight360.com logo
A company that is changing the way the world mines bitcoin

WallStreet Forex Robot 3.0
crypto.news 2024-12-30 17:18:49

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

Genius Group has added to its bitcoin holdings with a significant purchase announced on Dec. 30. The company disclosed it acquired additional Bitcoin ( BTC ) worth $10 million to bring its BTC treasury to 319.4 BTC, worth $30 million. Genius bought the Bitcoin at the average price of $93,919 per BTC. The publicly-traded company’s announcement came as MicroStrategy led the latest BTC buying spree with its total holdings hitting 446,400 BTC. Read more: Tether adds $700m Bitcoin to reserve address Notably, Genius Group has hit the $30 million BTC haul within six weeks of announcing its Bitcoin strategy. The AI-powered company that trades on the New York Stock Exchange began its buying on Nov. 12, scooping BTC worth $10 million. Genius has since consistently snapped up a chunk of the flagship digital asset, with 194 Bitcoin worth $18 million added on Dec. 9. The average purchase price at the time was $92,728 per BTC Genius Group’s “Bitcoin-first” strategy targets putting at least 90% of its reserves in the benchmark cryptocurrency. The initial investment is targeted at $120 million, which the company says it is currently 25% into after the latest purchase. Genius Group chief executive officer Roger Hamilton said: “It has been less than two months since we launched our Bitcoin Treasury Strategy. We have been buying Bitcoin consistently and are pleased to be ahead of our internal schedule to reach our initial target of 1,000 Bitcoin in our treasury.” As of Dec. 29, the company’s acquisition of 319.4 Bitcoin has come at an average purchase price of $95,060 per Bitcoin. Genius Group had a market cap of $40.6 million as its share price closed at $0.64 on Dec. 27, 2024. You might also like: Real estate AI platform Janover to accept crypto payments

Read the Disclaimer : All content provided herein our website, hyperlinked sites, associated applications, forums, blogs, social media accounts and other platforms (“Site”) is for your general information only, procured from third party sources. We make no warranties of any kind in relation to our content, including but not limited to accuracy and updatedness. No part of the content that we provide constitutes financial advice, legal advice or any other form of advice meant for your specific reliance for any purpose. Any use or reliance on our content is solely at your own risk and discretion. You should conduct your own research, review, analyse and verify our content before relying on them. Trading is a highly risky activity that can lead to major losses, please therefore consult your financial advisor before making any decision. No content on our Site is meant to be a solicitation or offer.