The adoption of Bitcoin (BTC) by public companies listed in the United States continues at full speed.
The latest purchase comes from NYSE-listed Genius Group (GNS). On January 10, GNS announced that it had increased its bitcoin holdings to $35 million, which was above its planned target of $120 million. In doing so, he acquired 372 BTC at an average price of $94,047 per bitcoin. The first announcement came on November 12, when it announced its “Bitcoin-first” strategy.
On Tuesday, GNS also announced a rights offering, allowing shareholders to purchase additional shares at discounted prices. If fully subscribed, the rights offering could generate $33 million. GNS founder and CEO Roger Hamilton intends to participate in the rights offering and purchase 500,000 shares.
The company is also looking for loans to accumulate bitcoins. GNS shares closed up 7% on Tuesday.
Besides GNS, Ming Shing Group (MSW), a Nasdaq-listed wet works service provider, also purchased 500 BTC at an average price of $94,375 per bitcoin. MSW shares are up 43% year to date.
The new wave of Bitcoin cash adoption is accelerating with four publicly traded companies announcing Bitcoin purchases and seven companies announcing a strategy, but no acquisitions.
Disclaimer: This article, or portions of it, was generated with the help of AI tools and reviewed by our editorial team for accuracy and compliance with our standards. For more information, see CoinDesk’s full AI policy.
