Genius Group Acquires More Bitcoin To Boost Corporate Treasury

New York Stock Exchange (NYSE) listed tech firm Genius Group has doubled down on its Bitcoin treasury agenda. As announced earlier, the AI-powered firm bought $2.2 million worth of the coin. As it revealed, it acquired this BTC for an average price of $92,728.

Genius Group, Bitcoin and Treasury Reserve Boost

According to the company’s announcement, it now holds a total of 194 Bitcoin units, acquired for an approximately value of $18 million. It reiterated its November update when it confirmed it will allocate 90% of its future reserves into BTC. The Bitcoin education outfit also said it is maintaining its initial target of $120 million allocation in the coin.

To keep up with this Bitcoin treasury strategy, the firm said it has invested an average of $2 million per week into the coin since it bought $10 million last month. Despite running an AI-powered education platform, the company said it is committed to a Bitcoin-first strategy in 2025.

Besides Genius Group, Corporate firms are embracing Bitcoin at a very fast pace. As reported earlier by Coingape, MicroStrategy also acquired 21,550 BTC for $2.1 billion. The company’s latest acquisition has now helped it grow its total holdings to 423,650 BTC, which it acquired for $25.6 billion.

Effectively, MicroStrategy now controls about 2% of the total Bitcoin supply, making it one of the most prolific enablers of Bitcoin.

Meanwhile, Riot Platforms is playing catching with Genius Group and MicroStrategy as it revealed plans to raise $500 million to buy more BTC. This move aligns with other industry players that have raised funds to buy Bitcoin over the past year.

BTC and Nation State Adoption

While Wall Street firms are going all out in taking a BTC position, Nations are also joining the train. Just like MicroStrategy, El Salvador pioneered this initiative after it legalized BTC in 2021. The country’s Bitcoin bets have notably paid off since that time.

In addition, President-elect Donald Trump has promised to establish a strategic Bitcoin reserve for the country. He has already started convening a crypto advisory council to help achieve this goal.

The appointment of David Sacks as Crypto Czar has signaled a major pointer that the next administration might keep its election promises in this regard. Experts project that if the United States ends up backing Bitcoin, other nations might also enter the market.

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.