Singapore-based artificial intelligence firm Genius Group has added more Bitcoin to its corporate treasury after being temporarily banned from doing so.
In a May 22 announcement, Genius Group explained that it has resumed accumulating Bitcoin (BTC) following a favorable ruling by the US Court of Appeals. It follows Genius Group being temporarily barred from expanding its Bitcoin treasury after a US court order had banned it from selling shares, raising funds and using investor funds to buy more BTC.
Genius Group announced it increased its Bitcoin Treasury 40% with the purchase of 24.5 BTC, worth around $2.7 million. The company now holds 85.5 BTC acquired for a total of $8.5 million, at an average price of $99,700 per coin.
“We are pleased to be able to begin the task of rebuilding shareholder value from the damage caused by the legal actions of third parties, and delivering on our 2025 plan,” the company’s CEO, Roger Hamilton, said.
Related: Swedish health firm jumps 37% on first Bitcoin buy, China EV seller to buy 1K BTC
A long-term commitment
Hamilton said that Genius Group is “committed to educating students on the ABCs of the Future: AI, Bitcoin and Community.” He claimed that the firm is preparing the world for the upcoming digital workforce and digital economy, adding:
“Building our Bitcoin Treasury is a key part of that plan.”
Genius Group is listed on the New York Stock Exchange (NYSE) with a current market cap of $24.34 million. Google Finance data shows that the company’s stock is trading at under half of the value it had when starting the year, at $0.34 at the time of writing, dropping over 8% in the last trading day from $0.41.
Genius Group stock price chart. Source: Google Finance
Related: Bitcoin open interest hits record high as BTC slips below $111K
The many firms following in MicroStrategy’s footsteps
By accumulating Bitcoin, Genius Group is following the lead of the world’s top corporate Bitcoin treasury company, Strategy, previously known as MicroStrategy. Strategy now holds well over 2% of the total Bitcoin that will ever be created and continues buying more. The firm acquired nearly $765 million in Bitcoin last week.
Genius Group is not the only company following in the Strategy’s footsteps. Earlier this month, a Bahrain-based, listed catering company with a $24.2 million market cap adopted a Bitcoin treasury strategy in partnership with investment firm 10X Capital.
Also this month, shares of luxury watchmaker Top Win surged more than 60% in premarket trading after the company said it would adopt a Bitcoin accumulation strategy and had changed its name to AsiaStrategy.
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