Amid the leading cryptocurrency’s surge to an all-time high last week, publicly traded Genius Group $GNS has launched a Bitcoin treasury. Moreover, the company announced that it is launching the aforementioned treasury with a 110 BTC purchase worth $10 million.
Founded more than two decades ago, Genius Group Limited is an AI-powered education company. They announced the implementation of a ‘Bitcoin-first’ strategy in November of last year. Specifically, they committed at least 90% of the company’s current and future reserves to be held in Bitcoin.
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Publicly Traded Genius Group Launches Bitcoin Treasury, Buys $10 Million Worth of BTC
There has been no better year for Bitcoin than 2024. The asset has seen an incredible rise in prominence, as it has become a key institutional investment option. Asset managers like BlackRock and Fidelity have embraced the asset class, with the cryptocurrency sector opening up to prominent banks like Goldman Sachs.
The rise has led to an influx of exposure across finance. The latest is the publicly traded Genius Group Limited, which announced the launch of a Bitcoin treasury following a purchase of $10 million worth of the leading crypto. In a press release, the company described itself as a “Bitcoin-first” education group. They are certainly making good on that description now.
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The success of Michael Saylor’s MicroStrategy has certainly fueled these kinds of investments. The firm currently holds more than 330,000 BTC, with its latest purchase coming Monday. Specifically, the firm added more than $4.6 billion in Bitcoin to its stash.
“When Genius Group decided to adopt MicroSTrategy’s Bitcoin treasury plan, there was no clear guidelines available for companies to easily follow,” GEnius Group CEO Roger Hamilton said. However, as part of this initiative, they will be developing ways to share “the benefits of establishing a Bitcoin treasury,” while providing insight and clear steps to follow.