Listed AI firm and the Bitcoin-first educational organization Genius Group Limited has added up on its Bitcoin holdings. According to the official announcement by the firm, on November 21st, 2024, Genius increased its Bitcoin Treasury purchases by an additional $4 million. This brings the total purchase to 153 Bitcoin for $14 million, at an average price of $91,372 per Bitcoin.
The rise in Bitcoin holdings by the firm comes as Bitcoin has surpassed major financial assets to hit a new all-time high level. Bitcoin prices are consistently reaching new all-time highs and attracting the attention of numerous investors every day.
Additionally, as of November 21, the original cryptocurrency has surpassed the Taiwan Dollar to rank as the 12th largest currency globally.
Genius New Bitcoin Holding Comes After New Bitcoin Initiative
Today’s additional Bitcoin buy comes after the company’s announcement on November 12 of its “Bitcoin-first” policy.
The firm aims to commit 90% or more of its present and future reserves to be held in Bitcoin, with an initial aim of $120 million. Later, on November 18, the company revealed that it had acquired its first $10 million worth of Bitcoin.
In the two weeks after the Company set up its Bitcoin Treasury, this purchase is the second one to complete the $120 million target.
The acquisition is one of the several transactions the company plans to make in order to reach its original $120 million goal.
Genius’s Actions Stay In Tandem With Industry Peers
Genius’s actions of adding on to its Bitcoin reserve come as many in the industry are also applying the same tactic to have a large Bitcoin holding. Previously, the top Bitcoin-focused business intelligence firm in the world, MicroStrategy, had increased its Bitcoin treasury by a sizeable sum.
Official documents state that on November 18th, the corporation paid $4.6 billion for Bitcoin, one of its biggest transactions to date. The company’s purchase of 51,780 Bitcoins was its largest since it started buying the cryptocurrency over four years ago.
Genius Previous Results
Genius had previously reported a pro forma revenue increase for the first half of 2024 of 130% to $20.7 million from $9.0 million during the same time last year. A 37% decrease in adjusted EBITDA loss was also observed in the first half of 2024, with a net loss of $4.6 million as opposed to $7.3 million in the same period in 2023.
Additionally, due to conflicts of interest and violations of fiduciary and statutory duties, four directors resigned, and Genius Group recently reorganized its Board and Management team, adding four new directors and an interim CFO to its team.