30s Summary
AI company Genius Group is investing heavily in Bitcoin, having purchased 110 Bitcoin for $10 million and planning to hold over 90% of its current and future cash in the cryptocurrency. The company will also teach businesses how to convert cash to Bitcoin through a podcast. Meanwhile, other firms such as MicroStrategy, Semler Scientific, Metaplanet, and MARA Holdings are also increasing their Bitcoin holdings.
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The AI company Genius Group has just started converting a big chunk of its cash to Bitcoin. They’ve already bought 110 Bitcoin, spending $10 million. They’re even planning on teaching other businesses how to do the same. They bought the Bitcoin at around $90,932 each and they’re not stopping there.
The company said on Nov. 12 that they’re planning on holding 90% or more of its current and future cash in Bitcoin, focusing on reaching their goal of $120 million.
Genius Group’s CEO, Roger Hamilton, openly shared they’ve taken a page from MicroStrategy’s strategy of holding Bitcoin. Unfortunately, there wasn’t exactly a step-by-step guide for them to follow. So, they’re launching a podcast on Nov. 19 to help others who are thinking about making Bitcoin their primary money reserve.
Hamilton says, “We believe with the information our Podcast will provide, more companies will see the benefits of establishing a Bitcoin treasury, and will be equipped with the clear steps to follow,.”
Genius Group’s (GNS) got a bit of a boost in their stock price since they declared their plan to adopt Bitcoin.
As for other companies, MicroStrategy owned by Michael Saylor bought an additional 51,780 Bitcoin for $4.6 billion on Nov. 18, bumping up its total holdings to 331,200. They’re also set to pop off $1.75 billion to buy even more Bitcoin.
Other companies are also catching on to the trend this year. Tech solution provider Semler Scientific snagged 215 more Bitcoin for $17.7 million in cash from Nov. 6 to 15, now owning 1,273 Bitcoin in total. Japanese investment firm Metaplanet is already in possession of over 1,000 Bitcoin and says they’re planning to buy more.
At the same time, Bitcoin mining company MARA Holdings Inc (MARA), used to be known as Marathon Digital, is offering $700 million in senior notes to get their hands on more Bitcoin.