Bitcoin

Genius

Artificial intelligence firm Genius Group took the first steps to turn most of its treasury reserves into Bitcoin, purchasing 110 Bitcoin for $10 million — and it wants to teach other firms to do the same. 
According to a Nov. 18 <a data-ct-non-breakable="null" href="https://www.globenewswire.com/news-release/2024/11/18/2982721/0/en/Genius-Group-launches-Bitcoin-Treasury-with-purchase-of-110-Bitcoin-for-10-million.html" rel="null" target="null" text="null" title="null">statement</a> from the firm, it purchased at an average price of $90,932 per Bitcoin (<a data-ct-non-breakable="null" href="https://cointelegraph.com/bitcoin-price" rel="null" target="null" text="null" title="null">BTC</a>) the first in “ongoing purchases the Company intends to make towards its target.”
On Nov. 12, the AI firm <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/ai-firm-genius-group-adopts-bitcoin-treasury-strategy" rel="null" target="null" text="null" title="null">said it was committing 90% or more</a> of its current and future reserves to be held in Bitcoin, with an initial target of $120 million.
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 <img alt="Genius Group kicks off Bitcoin treasury play with $10M in BTC&nbsp;" src="https://s3.cointelegraph.com/uploads/2024-11/019341d3-0f5a-7cc9-ad71-fa6bb1e1c9ce" title="">
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 Source: <a data-ct-non-breakable="null" href="https://x.com/samcallah/status/1858507239897632909" rel="null" target="null" text="null" title="null">Sam Callahan</a>
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Roger Hamilton, CEO of Genius Group, said that even after deciding to follow MicroStrategy’s treasury approach, they didn’t have a clear way forward, so they are launching a podcast on Nov. 19 to help others <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/the-case-bitcoin-reserve-asset-bitcoin-policy-institute" rel="null" target="null" text="null" title="null">considering Bitcoin as a treasury reserve</a>.
“When Genius Group decided to adopt MicroStrategy’s Bitcoin treasury plan, there was no clear guidelines available for companies to easily follow,” he said.
<blockquote>
 “We believe with the information our Podcast will provide, more companies will see the benefits of establishing a Bitcoin treasury, and will be equipped with the clear steps to follow.”
</blockquote>
Genius Group’s stock price has experienced a slight increase since the initial announcement to adopt Bitcoin.
Related: <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/microstrategy-bitcoin-portfolio-surpass-20-billion" rel="null" target="null" text="null" title="null">MicroStrategy’s Bitcoin portfolio surpasses $20B, ROI now over 100%</a>
Its shares closed the Nov. 18 trading session <a data-ct-non-breakable="null" href="https://www.google.com/finance/quote/GNS:NYSEAMERICAN?hl=en" rel="null" target="null" text="null" title="null">up</a> over 22% for the month at $0.91, according to Google Finance.&nbsp;
<figure>
 <img alt="Genius Group kicks off Bitcoin treasury play with $10M in BTC&nbsp;" src="https://s3.cointelegraph.com/uploads/2024-11/019341d3-a4df-7f4c-a839-ec89b60e5185" title="">
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 Genius Group’s share price has experienced a slight uptick since the initial announcement to adopt Bitcoin. Source: Google Finance
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However, the stock price is still down slightly from the $1.05 it hit the next trading session after the announcement, and a far cry from all-time high of $96.80 in June 2022.
<h2 id="strong-bitcoin-race-heats-up-as-firms-increase-holdings-strong">Bitcoin race heats up as firms increase holdings</h2>
Michael Saylor’s MicroStrategy <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/microstrategy-buys-52-k-bitcoin-4-6-billion-btc-new-highs" rel="null" target="null" text="null" title="null">acquired an additional 51,780 Bitcoin</a> worth $4.6 billion on Nov. 18, boosting its total holdings to 331,200.
The company also <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/microstrategy-buy-bitcoin-senior-convertible-notes" rel="null" target="null" text="null" title="null">flagged plans to raise $1.75 billion</a> to buy more Bitcoin from senior convertible notes at a 0% interest rate.
Other firms have also seized on the <a data-ct-non-breakable="null" href="https://cointelegraph.com/learn/articles/what-is-bitcoin-a-beginners-guide-to-the-worlds-first-cryptocurrency" rel="null" target="null" text="null" title="null">Bitcoin reserve</a> idea this year.&nbsp;
On Nov. 18, tech solution provider Semler Scientific <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/semler-scientific-37-btc-yield-treasury" rel="null" target="null" text="null" title="null">said it had acquired an additional 215 Bitcoin</a> for $17.7 million in cash between Nov. 6 and 15, increasing total holdings to 1,273.
Japanese <a data-ct-non-breakable="null" href="https://cointelegraph.com/learn/articles/a-beginners-guide-to-taking-crypto-profits-and-reinvesting" rel="null" target="null" text="null" title="null">investment firm</a> Metaplanet holds more than 1,000 Bitcoin and announced in a Nov. 17 post to X that it would buy more Bitcoin.
<figure>
 <img alt="Genius Group kicks off Bitcoin treasury play with $10M in BTC&nbsp;" src="https://s3.cointelegraph.com/uploads/2024-11/019341d4-d3cb-7d78-8275-b67449e79e53" title="">
 <figcaption style="text-align: center;">
 Source: <a data-ct-non-breakable="null" href="https://x.com/Metaplanet_JP/status/1858352792647225371" rel="null" target="null" text="null" title="null">Metaplanet</a>
 </figcaption>
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The firm plans to issue one-year ordinary bonds with a guarantee totaling $11.3 million (1.75 billion Japanese yen) to help fund its Bitcoin ambitions.
Bitcoin mining firm MARA Holdings, previously Marathon Digital, also shared that it was offering $700 million in convertible senior notes in part to acquire more Bitcoin.
According to the miner’s Nov. 18 news <a data-ct-non-breakable="null" href="https://ir.mara.com/news-events/press-releases/detail/1377/mara-holdings-inc-announces-proposed-private-offering-of-700-million-of-convertible-senior-notes" rel="null" target="null" text="null" title="null">release</a>, up to $200 million of the proceeds are to repurchase part of its outstanding 2026 convertible notes, while the remaining funds will be used to accumulate Bitcoin, expand, repay debt and other general needs.
Magazine: <a data-ct-non-breakable="null" href="https://cointelegraph.com/magazine/bitcoin-price-thanksgiving-trader-btc-etf-options-cftc-hodlers-digest/" rel="null" target="null" text="null" title="null">Saylor doubts $60K Bitcoin retrace, BTC ETF options, and more: Hodler’s Digest, Nov. 10 – 16</a>

Genius Group kicks off Bitcoin treasury play with $10M in BTC

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