The Bitcoin Treasury held by Genius Group Limited has been expanded to an amount of $35 million.
According to a press statement issued by the corporation, this acquisition has already succeeded in surpassing its milestone ahead of schedule in its continuing endeavor to collect 120 million dollars’ worth of Bitcoin holdings.
The most recent acquisition comes only two months after the artificial intelligence-driven education firm located in Singapore made the announcement of its “Bitcoin-first” strategy in the beginning of November.
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At an average acquisition price of $94,047 per Bitcoin, Genius Group increased its total holdings to 372 Bitcoins by purchasing Bitcoins for $5 million. This brings the total amount of Bitcoins this company has to 372.
As of the 9th of January, the Bitcoin Treasury of the corporation was valued at $35 million, which is equivalent to the current price of Bitcoin, which is around $94,000.
The market capitalization of Genius Group is now at $42 million, which means that its Bitcoin-to-price ratio is currently at 83%.
Genius Group’s Additional Loan
The statement states that Genius Group has raised the amount of money it has borrowed from Arch Lending from $10 million to $14 million in order to further expand its Bitcoin Treasury.
The loan-to-value ratio has remained the same at 40% throughout the process.
In accordance with its objective of dedicating at least 90 percent of its reserves to Bitcoin, the business is extensively leveraging crypto-backed loans in order to finance its reserves without selling Bitcoin.
Bitcoin is a significant part of Genius Group’s business strategy, which is based on the incorporation of artificial intelligence solutions into educational settings.
An emphasis on Bitcoin’s potential as a “store of value” in the digital economy has been emphasized by the CEO of the business, Roger Hamilton, who has linked the strategy of the company to that of other publicly listed companies that have accepted Bitcoin as a reserve asset.
In line with the company’s larger aspirations to integrate blockchain technology into its artificial intelligence-powered educational platforms, the “Bitcoin-first” approach is being implemented.
Among these ambitions is the implementation of on-chain certifications and incentive systems that make use of the Lightning Network that Blockchain provides.