Several companies are taking advantage of the recent price slump to scoop up bitcoin before the new year. Genius Group, a company that provides artificial intelligence-based educational solutions to over 5.4 million users in 100 countries, is advancing its bitcoin-first strategy with new BTC purchases.
According to a press release, Genius Group acquired $10 million in BTC, bringing its total holdings to 319.4 BTC. The company also reported spending a total of $30 million in BTC at an average price of $93,919 per bitcoin.
This marks the second major acquisition for Genius Group, which committed to implementing its bitcoin accumulation strategy in November, setting an initial goal of $120 million invested in BTC.
Nonetheless, this is not a definitive goal, as the group declared that it aims to invest 90% or more of its current and future reserves in bitcoin.
Roger Hamilton, CEO of the Genius Group, remarked that they had achieved this milestone in less than two months since first adopting their bitcoin reserve strategy.
Read more: Genius Group Is Purchasing $120 Million Bitcoin to Make BTC Its Primary Treasury Asset
Hinting at the implementation of more activities to continue accumulating bitcoin, he declared:
We are considering various investment and finance options that maximize shareholder value whilst accelerating our progress in building our bitcoin treasury.
Genius Group CFO Gaurav Dama disclosed that shareholders will be frequently informed of the company’s crypto movements, which will be included in more regular operating financial reports in 2025.
With this strategy, Genius Group becomes one of the companies most committed to allocating its reserves to bitcoin, following in the footsteps of other firms like MicroStrategy, Semler Scientific, and Metaplanet.
Analysts believe that more companies will join the bitcoin bandwagon in 2025. Mike Belshe, CEO of custody provider BitGo, recently stated that he is in talks with several cooperative customers who also want to invest in bitcoin, predicting that this trend will spread throughout the corporate world. ‘It is absolutely going to happen,’ Belshe concluded.
Read more: Bitgo CEO Highlights Shift Toward Bitcoin Among Companies
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