The post Genius Group Expands Bitcoin Treasury with $5 Million Purchase appeared first on Coinpedia Fintech News
In a latest development, Genius Group Limited, an education company with a focus on AI and Bitcoin, has expanded its Bitcoin Treasury, purchasing an additional $5 million worth of Bitcoin. This acquisition increases the company’s total Bitcoin holdings to 372 units, valued at $35 million, at an average price of $94,047 per Bitcoin.
Notably, this move is part of Genius Group’s Bitcoin-first strategy, which was first announced on November 12, aiming to invest 90% or more of its reserves in Bitcoin, targeting an initial amount of $120 million in the cryptocurrency.
Remarkably, the company’s progress in building its Bitcoin Treasury has outpaced its own schedule, reaching 30% of its initial target ahead of time. As of Thursday, the market value of its Bitcoin holdings matched its purchase price, with a market cap of $40.32 million and a BTC/Price ratio of 83%. This highlights the company’s strong commitment to its Bitcoin-first strategy.
The company has increased its Bitcoin loan with crypto-backed loan platform Arch Lending from $10 million to $14 million, giving the Company a current loan-to-value ratio of 40%. Additionally, Genius Group has approved a Founder Compensation Plan for its CEO, Roger Hamilton. This plan includes targets to help the company achieve a $1 billion market cap within 10 years. The plan also includes specific milestones aimed at increasing the Bitcoin Treasury’s value to $1 billion in net asset value.
