Genius Group has increased its BTC reserve by investing another $2.2 million. With the latest investment, the firm now holds 191 Bitcoins at $18 million, translating to an average price of $92,728 per BTC.
On November 12, the company declared its intention to hold over 90% of its current and future reserves in BTC. The “Bitcoin-first” strategy was rolled out with an initial target of $120 million in the coin.
Genius Group made an initial purchase worth $10 million in BTC the same week to show commitment to the strategy. The firm has been making weekly purchases, investing an average of $2 million in the coin to add to its reserve.
Corporate firms are racing to stock BTC
Genius Group is not the only corporation turning to Bitcoin; several corporate firms are adopting BTC investments. Earlier, there were reports of Microstrategy acquiring 21,550 Bitcoins, amounting to $2.1 billion. This acquisition has made the company hold approximately 423,650 BTC, translating to $25.6 billion. With over 400,000 BTC, the company controls around 2% of the total Bitcoin supply. It is accurate to say that Microstrategy is among the prolific BTC enablers.
Apart from Genius and Microstrategy, Riot Platforms deliberately attempts to consolidate its space in the Bitcoin ecosystem. The firm is planning to raise $500 million to purchase more BTC. Over the past year, several firms have raised funds to buy Bitcoin, underscoring the value of Bitcoins for corporate firms.
Corporate and state adoption are securing Bitcoin’s future
As firms continue to invest Bitcoin in their reserves and seal their positions in the BTC arena, countries are also taking notice. In 2021, El Salvador made a bold move in the crypto space. The country legalized BTC and embraced it as legal tender. Since then, the country has seen its BTC bets as rewarding.
Slovenia has also made crypto lucrative by creating an environment for mining with zero VAT tax while offering tax write-offs for crypto trading. Germany is considering crypto private money, allowing people to trade freely.
President-elect Donald Trump recently said he will develop a strategic BTC reserve for the country. He has shown signs of living up to his words by convening the crypto advisory council to help him with this project.
Recently, Trump appointed David Sacks to be the AI and crypto czar and hinted that he is determined to deliver on his crypto voting agenda. It is safe to assume that other countries will most probably follow America’s entry into BTC. We must wait and see if there will be a BTC scramble.
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