Technology company Genius Group, traded on the New York Stock Exchange, Bitcoin $98,523.4 treasury expanded its strategy. The company purchased $2.2 million worth of Bitcoin, as previously announced. Genius Group announced that it made this purchase at an average price of $ 92,728.
Genius Group’s Bitcoin Investment
According to the company’s statement, Genius Group, which owns a total of 194 Bitcoins, acquired them for approximately $18 million. Repeating the update it delivered in November, the company confirmed that it will allocate 90% of its future reserves to Bitcoin. The firm in the Bitcoin education space stated that it maintains a $120 million allocation target to BTC.
Besides Genius Group, MicroStrategy also continues to increase its Bitcoin purchases. The company purchased 21,550 BTC for $2.1 billion, increasing its total reserves to 423,650 BTC. This makes MicroStrategy one of Bitcoin’s most active supporters, controlling about 2% of the total Bitcoin supply.
Riot Platforms also plans to raise $500 million to buy more BTC, competing with Genius Group and MicroStrategy. This step is considered a move in line with other industry players who raised funds to purchase Bitcoin last year.
Bitcoin and Adoption by Nation States
In addition to Wall Street firms strengthening their Bitcoin positions, nations are also starting to join this trend. El Salvador led the way in this field after legalizing Bitcoin in 2021. The country’s Bitcoin investments have since delivered significant gains.
During the US Presidential election, Donald Trump promised to establish a strategic Bitcoin reserve for the country. For this purpose, he announced that he created the crypto advisory board. The appointment of David Sacks as Crypto Department Official is considered an indication that the new administration can fulfill its promises in this regard.
Experts predict that if the United States supports Bitcoin, other countries may also enter the market.
Institutional and national adoption of Bitcoin is enabling the crypto asset to play an even more important role in financial strategies. Companies and governments are increasing their investments by evaluating the potential benefits of this cryptocurrency.
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that crypto currencies carry high volatility and therefore risk, and should carry out their transactions in line with their own research.
