Genius Group, a company from Singapore that focuses on AI and education, has added more Bitcoin to its business savings, growing its total by over 50%.
Even though there was once a ban stopping the company from buying more Bitcoin, it recently bought 34 more BTC in the past month.
Now, the company owns 100 Bitcoins in total, which it bought for over $10 million. On average, it paid about $100,600 for each Bitcoin.
The company says this is part of its plan to eventually buy 1,000 Bitcoins for its business reserves.
The first to be blocked
Genius Group started buying Bitcoin again on May 22, after a U.S. Court of Appeals decision allowed them to do so. They made a $2.7 million Bitcoin purchase after being banned from buying it before.
The CEO of Genius Group, Roger Hamilton, said the company started investing in Bitcoin in November 2023. He believes they were one of the first companies on the NYSE American stock exchange to do this. He also said they were probably one of the only companies that a U.S. court officially stopped from buying more Bitcoin.
Hamilton said he’s happy they can now manage the company’s money the way their board and investors want. He confirmed they still plan to collect 1,000 Bitcoins.
As more companies start using Bitcoin, the story of Genius Group makes people think about bigger questions, like how laws, new technology, and business money plans all come together in a world that’s starting to use more crypto.
