As a seasoned crypto investor with over a decade of experience under my belt, I must admit that the recent move by Genius Group to convert their treasury reserves into Bitcoin has piqued my interest. Having witnessed the meteoric rise and occasional falls of various digital currencies, I can’t help but feel a sense of validation seeing large corporations like Genius Group embrace Bitcoin as a viable asset class.
Artificial intelligence company Genius Group is initiating a move to convert a significant portion of their cash reserves into Bitcoin, having bought approximately 110 Bitcoins for $10 million. They aim to instruct other businesses on how to follow suit in this investment strategy.
As stated on November 18th, the company made its initial Bitcoin (BTC) purchase at an average cost of approximately $90,932 per coin. This is part of a larger, ongoing strategy they plan to carry out in order to reach their targeted Bitcoin holdings.
By November 12th, the artificial intelligence company announced that they plan to allocate at least 90% of their existing and upcoming funds towards Bitcoin investments, starting with a targeted sum of $120 million.
Roger Hamilton, the CEO of Genius Group, mentioned that when they opted to adopt MicroStrategy’s treasury strategy, they lacked a detailed roadmap. Therefore, starting from November 19, they will launch a podcast to guide others who are contemplating Bitcoin as a potential treasury reserve.
In his words, when the Genius Group opted for MicroStrategy’s Bitcoin reserve strategy, there weren’t any straightforward instructions or templates readily accessible for businesses to mimic at the time.
“We believe with the information our Podcast will provide, more companies will see the benefits of establishing a Bitcoin treasury, and will be equipped with the clear steps to follow,.”
Since the original announcement about adopting Bitcoin, the share price for Genius Group (GNS) has seen a small increase.
On November 18th’s market close, its stocks had risen approximately 22% for the month, ending the day at $0.91, as per Google Finance data.
Nevertheless, although the stock price dipped slightly below its peak of $1.05 during the following trading day, it’s significantly lower compared to its record high of $96.80 achieved in June 2022.
Bitcoin race heats up as firms increase holdings
On November 18th, Michael Saylor’s company, MicroStrategy, bought another 51,780 Bitcoins valued at approximately $4.6 billion, thereby increasing its Bitcoin holdings to a total of 331,200.
Additionally, the firm announced intentions to secure $1.75 billion through bond sales with no interest charges, which they plan to use for purchasing more Bitcoins using senior convertible notes.
Other firms have also seized on the Bitcoin reserve idea this year.
Semler Scientific, a tech solutions provider, announced on November 18 that they purchased an extra 215 Bitcoins for approximately $17.7 million in cash from November 6 to November 15. This addition brings their total Bitcoin holdings up to 1,273.
Currently, the Japanese investment company Metaplanet owns more than 1,000 Bitcoins and has declared its intent to purchase even more Bitcoin, according to a post made on November 17.
The company intends to release one-billion-yen worth of one-year bonds, backed by a guarantee of 11.3 million US dollars, as part of its plans to finance its aspirations in the Bitcoin market.
In addition, MARA Holdings Inc (formerly known as Marathon Digital), a company specializing in Bitcoin mining, announced plans to raise $700 million through the sale of convertible senior notes. This move aims to increase their Bitcoin holdings.
As stated in a miner’s press release from November 18th, approximately $200 million of the funds obtained will be allocated towards purchasing some of its existing 2026 convertible notes. The remaining balance will be used for various purposes such as acquiring Bitcoin, expanding operations, repaying debt, and addressing general business requirements.
Read More
- HBAR PREDICTION. HBAR cryptocurrency
- SEI PREDICTION. SEI cryptocurrency
- CNY RUB PREDICTION
- GBP EUR PREDICTION
- Rumoured The Elder Scrolls 4: Oblivion Remake Dev is Working on an “Unannounced Unreal Engine 5 Remake”
- INJ PREDICTION. INJ cryptocurrency
- Gaming Colossus Tencent Added to US Blacklist, Accused of Ties to Chinese Military
- The DCU Is Better Off Without More Batman Movies for Awhile
- ICP PREDICTION. ICP cryptocurrency
- USD CHF PREDICTION
2024-11-19 03:50