Genius Group, a Singapore-based artificial intelligence company, has increased its Bitcoin holdings in its corporate treasury after being temporarily prohibited from increasing its Bitcoin holdings.
On May 22, Genius Group announced that it had resumed accumulating Bitcoin (BTC) following a favorable ruling from the U.S. Court of Appeals. Previously, the company had to suspend its Bitcoin reserve expansion due to a court order prohibiting it from selling shares, raising funds, and using investor capital to purchase more Bitcoin.
Genius Group stated that its Bitcoin reserves increased by 40% through the purchase of 24.5 BTC, worth approximately $2.7 million. Currently, the company holds a total of 85.5 BTC, with a total expenditure of $8.5 million, averaging $99,700 per coin.
"We are pleased to begin rebuilding shareholder value that has been harmed by third-party legal actions while executing our 2025 plan," said CEO Roger Hamilton.
Long-term commitment
Hamilton noted that Genius Group is committed to educating students on the future ABCs: Artificial Intelligence, Bitcoin, and Community. He also stated that the company is preparing for the upcoming digital workforce and digital economy, adding:
"Building our Bitcoin reserves is a crucial part of that plan."
Genius Group is listed on the New York Stock Exchange (NYSE) with a current market capitalization of $24.3 million. According to Google Finance, the company's stock price has fallen to half of its value at the beginning of the year, currently at $0.34, down over 8% from $0.41 in the previous trading day.
Several companies are following in the footsteps of MicroStrategy.
By accumulating Bitcoin, Genius Group is following in the footsteps of leading global corporate Bitcoin reserve company Strategy (formerly MicroStrategy). Strategy holds more than 2% of all Bitcoin ever created and continues to purchase. The company recently acquired nearly $765 million worth of Bitcoin.
Additionally, earlier, a publicly listed catering company based in Bahrain adopted a Bitcoin reserve strategy after partnering with investment firm 10X Capital. Moreover, shares of luxury watch manufacturer Top Win surged over 60% in pre-market trading after announcing its adoption of a Bitcoin accumulation strategy and rebranding to AsiaStrategy.
