Genius Group Surpasses 100 BTC After Investment Ban Reversal
Artificial intelligence company listed on Nasdaq, Genius Group, has boosted its corporate Bitcoin holdings by 52% in the past month by purchasing 34 BTC, bringing its total to 100 BTC. The increase follows a favorable court ruling that overturned a previous ban on the company purchasing Bitcoin.
Court Victory Enables Resumed Bitcoin Stacking
On May 22, Genius Group resumed Bitcoin stacking after the US Court of Appeals overruled an earlier ban. The firm had originally been barred from topping up its Bitcoin reserves due to a preliminary injunction regarding its merger with Fatbrain AI. CEO Roger Hamilton stated that the firm was among the first on the NYSE American to take the Bitcoin treasury route—and one of the few legally barred from doing so.
$10 Million of Bitcoin at Average Price of $100,600
As a result of the new purchase, Genius Group now holds a total of 100 BTC, bought at an average price of $100,600 apiece, worth over $10 million. The firm is hoping to continue building its treasury with a long-term goal of owning 1,000 BTC, which is part of a broader trend of institutional Bitcoin adoption.
GameStop and Institutional Momentum in Bitcoin
The move comes at a time of increased corporate interest in Bitcoin. On June 13, GameStop raised its convertible note offering to $2.25 billion, following its $513 million Bitcoin acquisition of 4,710 BTC in May. The acquisition made GameStop the 11th largest corporate BTC holder.
Bitcoin as a Corporate Reserve Strategy
Hamilton pointed out the company’s regained autonomy in managing its capital when he stated:
We are glad to have regained the right to manage our company’s capital in the way our Board and shareholders consider appropriate.
As more businesses include Bitcoin in their financial planning, Genius Group believes this reaffirmed 1,000 BTC goal points to continuing momentum for crypto adoption in the corporate sector.
