Artificial intelligence company Genius Group has launched a strategy to convert most of its financial reserves to Bit. According to the announcement on November 18, the company has purchased 110 Bit, with a total value of 10 million USD, at an average price of 90,932 USD per BTC. This is the first step in Genius Group's long-term financial plan to optimize its financial goals through Bit accumulation.
On November 12, Genius Group committed to converting 90% or more of its current and future reserves to Bit, with an initial target reserve of 120 million USD. Genius Group CEO Roger Hamilton said that before the company decided to adopt MicroStrategy's Bit treasury strategy, they did not have a detailed plan. To support other businesses considering this move, the company will launch a podcast on November 19 to provide useful information on using Bit in financial strategy.
"We realized that when Genius Group decided to pursue MicroStrategy's Bit treasury strategy, there was not much clear guidance material for businesses. With this podcast, we hope to share the necessary knowledge to help companies understand the benefits of building a Bit treasury and take concrete action," Hamilton shared.
Since announcing the plan to convert assets to Bit, Genius Group (GNS) stock has recorded a slight increase. As of November 18, the company's stock reached 0.91 USD, up more than 22% in the month. However, the stock price is still lower than the 1.05 USD level immediately after the announcement and far from the historical high of 96.80 USD in June 2022.
