As a seasoned researcher with years of experience under my belt, observing the dynamic world of cryptocurrencies has been nothing short of exhilarating. The latest move by Genius Group, a Singapore-based edtech firm, to acquire more Bitcoin is a testament to the growing acceptance and recognition of this digital asset.
Genius Group, a Singapore-based edtech firm, is broadening its reach in the cryptocurrency sector through a recent Bitcoin acquisition valued at $2.2 million. On December 9th, the company disclosed this purchase had increased their Bitcoin holdings to 191 BTC, equivalent to around $18 million with an average cost of about $92,728 per Bitcoin.
A Bold “Bitcoin-First” Strategy
Initially on November 12, Genius Group publicly announced their dedication towards Bitcoin as a primary reserve asset, joining the likes of pioneers such as MicroStrategy. This “Bitcoin prioritization” plan entails designating 90% or more of its existing and forthcoming reserves for Bitcoin, with an ultimate goal of amassing around $120 million in holdings over time.
To get things going with this plan, Genius Group immediately poured $10 million into Bitcoin following the announcement. Since then, they’ve been regularly increasing their holdings, typically acquiring around $2 million worth of Bitcoin every week. This strategic decision demonstrates the company’s belief in Bitcoin as a valuable asset and a crucial component for their financial dealings.
Genius to Unveil its Growth Plan at Upcoming Investor Meeting
At Bitcoin MENA 2024 in Abu Dhabi on December 10, the company is planning to reveal its wider expansion strategies during an Investor Meeting. This meeting, happening at 5:30 PM UAE time (8:30 AM US Eastern Time), will highlight Genius Group’s CEO, Roger Hamilton, sharing the organization’s goals for the year 2025.
Topics under discussion will be the advancement of their “Bitcoin-Centric” Financial Policy and the construction of an AI-enhanced decentralized educational system called “Built on Bitcoin.” This platform is designed to transform education using blockchain-based Genius Education Credits (GECs), artificial intelligence tutors, and certifications supported by Bitcoin’s Lightning Network.
Industry Momentum: MicroStrategy’s Massive Bitcoin Purchase
On the same day as Genius Group, MicroStrategy also increased its Bitcoin holdings. Specifically, they bought 21,550 Bitcoins for around $2.1 billion in cash. This purchase was made at an average price of $98,783 per Bitcoin. The funds for this transaction came from the sale of 5.4 million shares of their company between December 2nd and 8th, 2024.
With this newest purchase, MicroStrategy now owns a total of 423,650 Bitcoins, valued at approximately $25.6 billion in total. The average cost for each Bitcoin is around $60,324.
At present, Genius Group and MicroStrategy are making strategic purchases, and this happens when Bitcoin has gone beyond $100,000, solidifying its status as a leading digital currency. These actions indicate a developing trend among companies using Bitcoin to protect against inflation and explore the opportunities offered by decentralized finance.
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2024-12-10 01:39