AI firm Genius Group boosts Bitcoin treasury with $14m purchase

Daniel

Shares of Genius Group rose 8.5% after the Singapore-based firm announced it was investing $14 million to expand its Bitcoin portfolio.

Artificial intelligence firm Genius Group announced in a press release dated November 21 that it added another $4 million to its Bitcoin (BTC) purchases, bringing its total holdings in the crypto treasury to 153 BTC.

This acquisition comes after Genius Group announced its commitment to a “Bitcoin-first” strategy on November 12. Under this strategy, the company plans to allocate 90% or more of its reserves to Bitcoin, with an initial target of $120 million in crypto. The company had previously announced that it would purchase $10 million worth of Bitcoin on November 18 as part of this strategy.

Genius speeds up crypto purchases

The latest purchase marks another Bitcoin purchase in the two weeks since Genius Group officially launched Bitcoin Treasury.

Genius Group CEO Roger Hamilton noted that the decision to buy more Bitcoin is in line with the broader trend of publicly traded companies reviewing their financing strategies and increasing their Bitcoin holdings.

Genius Group board member Thomas Power emphasized the firm’s belief in Bitcoin as a “primary store of value” supporting exponential technologies and noted parallels with MicroStrategy’s Bitcoin-focused approach.

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