Bitcoin (BTC) adoption by U.S.-listed public companies continues in full steam. The latest purchase comes from NYSE-listed Genius Group (GNS).
NYSE-listed education technology company Genius Group (GNS) increased its bitcoin (BTC) holding to $35 million on Monday. The company also announced a rights offering.
According to a Securities and Exchange Commission (SEC) filing on Monday, GNS acquired 372 bitcoin at an average price of $94,047 per BTC. The total purchase price was $34,996,608.
The filing noted that the company began executing its “Bitcoin-first strategy” on Nov. 12, 2022, with the initial bitcoin purchase. GNS stated at the time that it planned to gradually increase its bitcoin holdings up to $120 million in the coming months, as part of its capital allocation strategy.
“The company had previously announced its intention to make bitcoin its primary treasury reserve asset and to achieve a bitcoin holding of $120 million by March 31, 2023, ahead of its initial target,” the filing reads. “The company is also continuing to explore loan financing options to further build out its bitcoin acquisition war chest.”
Shares of GNS closed up 7% on Tuesday. The stock is also up 41% year-to-date.
Meanwhile, Nasdaq-listed wet trades works service provider Ming Shing Group (MSW) also purchased 500 BTC at an average price of $94,375 per bitcoin on Monday. The total purchase price was $47,187,500.
MSW shares were trading 43% higher year-to-date on Tuesday.
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