Genius Group Joins Bitcoin Treasury Trend with $10 Million Purchase
- Genius Group ntrs Bitcoin treasury strtgy with $10 million purchs of 110 BTC t $90,932 ch.
- CEO Rogr Hmilton plns to convrt 90% of rsrvs into Bitcoin, iming for $120 million trgt.
- Corport doption riss, with firms lik MicroStrategy nd Semler Scientific incrsing thir BTC holdings.
Artificil intllignc firm Genius Group hs officilly ntrd th Bitcoin treasury ply with bold $10 million purchs. Th compny, which cquird 110 BTC t n vrg pric of $90,932 pr coin, nnouncd th mov on Nov. 18. This purchs mrks th bginning of n ongoing strtgy to convrt th mjority of its treasury rsrvs into BTC.
Th pln ims to lloct t lst 90% of Genius Groups currnt nd futur rsrvs to Bitcoin. Th firm hs st n initil trgt of $120 million for this trnsition. Hmilton cknowldgd tht dopting MicroStrategys Bitcoin treasury modl lckd clr guidlins, prompting th lunch of podcst to duct businsss on dopting BTC s treasury rsrv. Th podcst will dbut on Nov. 19 t 9:00 .m. ET, offring rodmp for compnis considring similr strtgis.
Sinc nnouncing its BTC-focusd pproch, Genius Groups stock pric hs sn modst boost. Th shrs closd Nov. 18 trding t $0.91, rflcting 28% incrs for th month. Howvr, th stock rmins blow its Nov. 13 pk of $1.05 nd fr from its ll-tim high of $96.80 rcordd in Jun 2022.
Bitcoin Treasury Strategy Gains Momentum
Genius Group is not lon in dopting BTC s rsrv sst. MicroStrategy, th pionr of this trnd, rcntly ddd 51,780 BTC worth $4.6 billion to its holdings, bringing its totl to 331,200 BTC, as highlighted by crypto analyst Sam Callahan. Th compny lso plns to ris $1.75 billion through snior convrtibl nots t 0% intrst rt to fund more purchss.
Othr compnis are following suit. Semler Scientific purchsd 215 BTC for $17.7 million on Novmbr 18, increasing its total holdings to 1,273 BTC. Marathon Digital nnouncd $700 million convrtibl nots offring to buy mor Bitcoin. Th dy bfor, Metaplenet rvld plns to issu $11.3 million in bonds to xpnd its rsrvs, which lrdy xcd 1,000 BTC.
Bitcoin Trends Amid Corporate Adoption
Amid ths corport movs, BTCs pric hs bn consolidting within symmtricl tringl pttrn round $90,000. Th 50-dy EMA hs providd crucil support t $90,160. Anlysts prdict brkout bov $92,000 could push it to $93,450, with $95,118 s th nxt rsistnc lvl. On th downsid, drop blow $90,000 my ld to support lvls t $88,431 or $87,128.
Th surg in corport Bitcoin doption highlights growing trnd of businsss turning to th cryptocurrncy s hdg ginst conomic uncrtinty. Genius Groups $10 million ntry into th Bitcoin trsury gm undrscors th incrsing confidnc in digitl ssts s long-trm stors of vlu.
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Read more: https://www.tronweekly.com/genius-group-purchase-10m-in-bitcoin/
Text source: TronWeekly
