Singapore-based artificial intelligence company Genius Group has increased the amount of Bitcoin in its corporate treasury after a temporary prohibition.
After a US court overturned a ban, Singapore-based AI company Genius Group started repurchasing Bitcoin, increasing its holdings by 40% with a purchase of 24.5 BTC.
Genius Group stated in a May 22 announcement that it has started accumulating Bitcoin (BTC) $108,586 again after the US Court of Appeals made a favorable decision. It comes after Genius Group was briefly prohibited from growing its Bitcoin treasury due to a US court order banning it from raising money, selling shares, or using investor funds to purchase additional Bitcoin.
Genius Group reported acquiring 24.5 BTC, or almost $2.7 million, increasing its Bitcoin Treasury by 40%. At an average price of $99,700 per coin, the business has already acquired 85.5 BTC for $8.5 million.
The company’s CEO, Roger Hamilton, stated, “We are happy to be able to start rebuilding shareholder value from the damage caused by the legal actions of third parties and delivering on our 2025 plan.”
A sustained dedication by Genius Group
Genius Group is “committed to educating students on the ABCs of the Future: AI, Bitcoin, and Community,” according to Hamilton. He asserted that the company is getting the globe ready for the digital economy and workforce of the future, adding:
“Building our Bitcoin Treasury is a key part of that plan.”
Genius Group has a $24.34 million market capitalization and is traded on the New York Stock Exchange (NYSE); according to statistics from Google Finance, the company’s stock is selling at $0.34, down more than 8% from $0.41 on the last trading day, and less than half of its initial value from the beginning of the year.
The numerous businesses that are imitating MicroStrategy
Genius Group’s Bitcoin accumulation follows the example set by Strategy, formerly MicroStrategy, the world’s leading corporate Bitcoin treasury firm. At present, Strategy holds more than 2% of the total Bitcoin production and continues to add more. Last week, the company bought around $765 million worth of Bitcoin.
Other businesses are pursuing the strategy in addition to Genius Group. The Bahrain-based, publicly traded catering company, which has a market valuation of $24.2 million, implemented a Bitcoin treasury strategy earlier this month in collaboration with investment firm 10X Capital.
The luxury watchmaker Top Win announced it would use a Bitcoin accumulation plan and rebranded itself as AsiaStrategy, which caused its shares to soar more than 60% in premarket trading earlier this month.
