In Singapore, today, Genius Group, an AI education company listed on Nasdaq, announced a significant increase in its Bitcoin holdings. This follows a favorable court ruling that allowed the company to resume its Bitcoin accumulation strategy, impacting its financial strategy globally.
According to a Monday announcement, Genius Group increased its Bitcoin (BTC) treasury by 52% in the last month, acquiring an additional 34 BTC. This brings the firm's total holdings to 100 BTC, purchased for over $10 million at an average price of $100,600 per Bitcoin. The company aims to acquire 1,000 BTC for its corporate treasury.
The firm resumed its Bitcoin accumulation on May 22, after receiving a favorable ruling by the US Court of Appeals against its previous Bitcoin investment ban. The initial ban, issued on March 13 by a New York District court, stemmed from a dispute surrounding Genius Group's merger with Fatbrain AI. CEO Roger Hamilton expressed satisfaction at regaining the right to manage the company's capital as the board and shareholders see fit.
This trend reflects the growing adoption of Bitcoin as a reserve asset by companies. On June 13, GameStop upsized its private convertible note offering to $2.25 billion, further signaling its commitment to its Bitcoin treasury. GameStop had previously purchased 4,710 Bitcoin on May 28, valued at about $513 million, making it the 11th largest corporate BTC holder.