Genius Group, a Singapore-based firm that specializes in artificial intelligence, has increased its Bitcoin holdings after temporarily being prohibited.
The May 22 announcementGenius Group announced that they have resumed the accumulation of Bitcoin (BTC) following a favorable ruling by the US Court of Appeals. Genius Group was temporarily suspended. barred from expanding its Bitcoin treasury A US court had ordered that it could not sell shares, raise funds or use funds from investors to purchase more BTC.
Genius Group has announced that it has increased its Bitcoin Treasury by 40% after purchasing 24,5 BTC worth $2.7 Million. The company has now acquired 85.5 BTC for $8.5 million at an average cost of $96,700 per coin.
“We are pleased to be able to begin the task of rebuilding shareholder value from the damage caused by the legal actions of third parties, and delivering on our 2025 plan,” Roger Hamilton, the CEO of the company, stated.
Related: Swedish health firm jumps 37% on first Bitcoin buy, China EV seller to buy 1K BTC
Commitment to a long-term relationship
Hamilton claimed that Genius Group has been formed. “committed to educating students on the ABCs of the Future: AI, Bitcoin and Community.” He added that the company was preparing people for the digital economy and workforce of the future.
“Building our Bitcoin Treasury is a key part of that plan.”
Genius Group has a market capitalization of 24.44 million dollars. Google Finance data The stock of this company is currently trading for $0.34, down from $0.41 at the beginning of the year. This represents a drop of over 8% since the last day of trading.
Related: Bitcoin open interest hits record high as BTC slips below $111K
Many firms are following MicroStrategy in its footsteps
Genius Group, formerly MicroStrategy, is following in the footsteps of Strategy, the top Bitcoin corporate treasury firm. It holds more than 2% of all Bitcoins ever created, and is continuing to buy even more. The company acquired nearly $765 million in Bitcoin last week.
Genius Group has not been the only business to follow in Strategy’s steps. In the first week of this month, Bahraini catering company listed with $24.2m market capital. adopted a Bitcoin treasury strategy In partnership with the investment firm 10X Capital
This month shares of luxury watches maker Top Win have been on the rise. surged more than 60% In premarket trading, after the company announced it was adopting a Bitcoin accumulating strategy and that its name had been changed to AsiaStrategy.
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Source: cointelegraph.com
