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Genius Group Grows Bitcoin Treasury by $10 Million
In a strategic move to solidify its “Bitcoin-first” approach, Genius Group Limited has announced the addition of $10 million worth of Bitcoin to its treasury holdings. This significant milestone marks a remarkable 50% increase in the company’s overall Bitcoin reserves.
Within just six weeks of unveiling its Bitcoin-first strategy on November 12, Genius Group has successfully acquired an additional 319.4 BTC at an average purchase price of $93,919 per Bitcoin. This substantial growth brings the company’s total treasury holdings to a staggering $30 million.
Genius Group’s decision to prioritize Bitcoin in its treasury has yielded impressive results, as the company is now well on track to meet its initial goal of $120 million in reserves. This achievement underscores the success of the organization’s bold strategy and commitment to the potential of the world’s most popular cryptocurrency.
The company’s CEO, Roger Hamilton, emphasized the importance of this initiative: “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. Now, we are considering various investment and finance options that maximize shareholder value whilst accelerating our progress in building our Bitcoin Treasury.”
As of December 29, 2024, Genius Group’s Bitcoin holdings have a valuation of $30.4 million, based on the current market price of $95,060 per Bitcoin. Notably, the company’s market capitalization stands at $40.6 million, resulting in an impressive BTC-to-market-cap ratio of 75%.
The funds used to acquire this significant amount of Bitcoin came from a mix of reserves, an at-the-market offering, and a $10 million Bitcoin-backed loan from Arch Lending.
This major development is just the latest news in the world of cryptocurrency.
Source: www.cryptonewsz.com
