Genius Group Stock Swings After Announcing Bitcoin Buy Worth $10M: Retail Sentiment Improves
In the six weeks since announcing its shift in its treasury strategy, Genius Group has spent $30 million to acquire 319.4 Bitcoin.
FollowShares of education platform Genius Group were in the spotlight on Monday morning after the company announced that it had acquired an additional 105 Bitcoin for $10 million, bringing its total Bitcoin holdings to 319 tokens.
After dropping over 2% in early morning trade, the stock was up over 4% at last check.
The company reiterated its "Bitcoin-first" strategy, which was unveiled in November. Genius Group plans to allocate 90% or more of its reserves to Bitcoin, with an initial goal of accumulating $120 million worth of the cryptocurrency.
In the six weeks since announcing the strategy, the company has spent $30 million to acquire 319.4 Bitcoin at an average price of $93,919 per token. The purchase represents 25% of the company’s initial Bitcoin target, exceeding its internal timeline.
Genius Group's Bitcoin Purchases Over The Last 6 Weeks | Source:BitcoinTreasuries
The move mirrors the treasury strategy employed by Michael Saylor-owned MicroStrategy, which has been announcing its Bitcoin purchases every Monday.
Genius Group's CEO has framed the shift as a long-term commitment to the digital asset, emphasizing its role in safeguarding company reserves amid a volatile economic climate.
Genius Group Ltd. Sentiment and Message Volume on Dec 30 as of 10:50 a.m. ET | Source: Stocktwits
On Stocktwits, retail sentiment around Genius Group improved to ‘bullish’ from ‘neutral’ as chatter also increased to ‘normal’ levels from ‘level’ a day ago.
Users debated whether or not the current levels of dilutions are sustainable.
Others celebrated that the company now has Bitcoin worth $30 million in its coffers.
According to the company, the next step is to focus on maximizing its BTC Yield – a Bitcoin Treasury key performance indicator (KPI), initiated by Saylor for Microstrategy.
“Now, with a focus on BTC Yield KPI, we are considering various investment and finance options that maximize shareholder value whilst accelerating our progress in building our Bitcoin Treasury,” said CEO Roger Hamilton.
Since November, the company has achieved a BTC Yield of 1,646% so far.
However, the stock has dipped nearly 90% this year, trading near its 52-week low of $0.51 and far from its 52-week high of $7.08.
For updates and corrections, email newsroom[at]stocktwits[dot]com.<
Read also: Bitcoin’s Drop To $93K Drags BTC Mining Stocks: Retail Sentiment Remains Frosty
subscribe to Asianet Newsable WhatsApp channel by clicking here.
