Johann Wilfred
Singaporean firm Genius Group has stockpiled more bitcoin, adding 34 BTC to its treasury over the past month, as per a press release. The company specializes in educational technology, providing learning solutions. With the latest string of purchases, Genius Group has grown its Bitcoin treasury by 52% in one month.
Genius Group now holds a total of 100 BTC secured for an average price of $100,600, making the whole treasury worth $10.06 million.
“We’re pleased to be able to have regained the right to manage our company’s capital in the way our Board and shareholders sees fit. Our 100 Bitcoin milestone is a significant step towards our 1,000 Bitcoin target,” said Genius Group’s CEO, Roger Hamilton.
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The company launched its bitcoin treasury in November 2024 and set a target of 1,000 BTC by 2025.
The stock price of Genius Group has plummeted over the past 5 years by 99.54%. The sharp decline in stock price was due to a variety of factors, including declining revenue, suspension of its bitcoin treasury operations by a U.S. court, and a botched rights issue after which the company started to buy back shares.
Source: Google Finance
As per an earlier press release, the company had a bitcoin treasury strategy and grew its holdings to 440 BTC before a temporary restraining order was issued by a U.S. court. Genius Group was forced to sell most of its Bitcoin during the legal fallout.
