Genius Group Expands Bitcoin Treasury with $5 Million Purchase

The post Genius Group Expands Bitcoin Treasury with $5 Million Purchase appeared first on Coinpedia Fintech News

In a latest development, Genius Group Limited, an education company with a focus on AI and Bitcoin, has expanded its Bitcoin Treasury, purchasing an additional $5 million worth of Bitcoin. This acquisition increases the company’s total Bitcoin holdings to 372 units, valued at $35 million, at an average price of $94,047 per Bitcoin. 

Notably, this move is part of Genius Group’s Bitcoin-first strategy, which was first announced on November 12, aiming to invest 90% or more of its reserves in Bitcoin, targeting an initial amount of $120 million in the cryptocurrency.

Remarkably, the company’s progress in building its Bitcoin Treasury has outpaced its own schedule, reaching 30% of its initial target ahead of time. As of Thursday, the market value of Genius Group’s Bitcoin holdings matched its purchase price, based on the current Bitcoin price of $94,000 per unit. The company’s market capitalization stood at $40.32 million, with a BTC/Price ratio of 83%.