Bitcoin adoption among U.S.-listed companies is gaining momentum, with the recent notable purchase by Genius Group (GNS), which has increased its bitcoin holdings to $35 million. Acquiring 372 BTC at an average price of $94,047 each, GNS is following its “Bitcoin-first” strategy introduced last November. Additionally, the company is launching a rights offering for shareholders to buy more shares at discounted prices, potentially raising $33 million. Meanwhile, Ming Shing Group (MSW) has also entered the BTC Market, purchasing 500 bitcoins, which has led to a significant rise in its stock value. This trend reflects a growing corporate interest in integrating bitcoin into treasury strategies.
Bitcoin Adoption Soars as U.S. Companies Expand Their Holdings
Bitcoin adoption by U.S.-listed companies is rapidly gaining momentum. In a notable development, Genius Group (GNS), listed on the NYSE, reported on January 10 that it has boosted its Bitcoin holdings to $35 million. This purchase was part of a broader strategy that aims for a total of $120 million in Bitcoin assets. Genius Group acquired 372 BTC at an impressive average price of $94,047 per coin. This move follows the company’s announcement of its “Bitcoin-first” strategy back in November.
Genius Group is not just stopping at accumulating Bitcoin. On the same day, they unveiled a rights offering that will allow shareholders to buy additional shares at discounted rates, potentially generating an impressive $33 million if fully subscribed. Roger Hamilton, the founder and CEO, plans to participate by acquiring 500,000 shares in the offering. The company is also exploring loan options to further grow its Bitcoin treasury. Following these announcements, Genius Group’s shares saw a 7% increase.
Additionally, the Nasdaq-listed Ming Shing Group (MSW) also made news by purchasing 500 BTC at an average price of $94,375 per coin. The company’s stock has experienced a remarkable rise, climbing 43% year-to-date.
This new wave of Bitcoin adoption is dynamic, with four public companies confirming Bitcoin purchases and seven more announcing strategies without acquisitions. This trend highlights the growing trust and interest in Bitcoin as a valuable asset among publicly traded firms.
With more companies recognizing the potential of Bitcoin, its status as a significant financial asset continues to strengthen. As the Market evolves, it will be fascinating to observe how other companies respond to this trend and the impact it has on Bitcoin’s value and wider adoption.
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What is Bitcoin treasury adoption?
Bitcoin treasury adoption is when companies invest in Bitcoin and hold it as part of their financial reserves. This means they buy Bitcoin and keep it, like they would with cash or other assets.
Why are U.S. firms adopting Bitcoin?
U.S. firms are adopting Bitcoin for various reasons. They see it as a way to diversify their assets, hedge against inflation, and tap into potential growth as more people use cryptocurrencies.
Is investing in Bitcoin risky?
Yes, investing in Bitcoin can be risky. The price of Bitcoin can go up and down quickly. Companies need to carefully consider their financial position and risk tolerance before investing.
How do companies store their Bitcoin?
Companies store their Bitcoin in digital wallets. These wallets can be online (hot wallets) or offline (cold wallets). Cold wallets are generally safer because they are not connected to the internet.
Can Bitcoin affect a company’s financial health?
Yes, Bitcoin can impact a company’s financial health. If the value of Bitcoin goes up, it can increase a company’s assets. However, if the value drops, it can lead to losses. Companies should manage this risk wisely.