The adoption of Bitcoin (BTC) as a treasury asset by publicly listed companies in the U.S. is gaining momentum. Recent acquisitions by Genius Group and Ming Shing Group highlight this trend.
Genius Group (GNS), listed on the NYSE, recently bolstered its Bitcoin holdings to $35 million. This purchase, announced on January 10th, comprised 372 BTC acquired at an average price of $94,047 per Bitcoin. This move surpasses their previously projected target of $120 million, initially announced as part of their “Bitcoin-first” strategy on November 12th. In addition to direct Bitcoin purchases, GNS is exploring loan financing options to further expand its Bitcoin reserves. The company also recently announced a rights offering aimed at raising $33 million by allowing shareholders to purchase additional shares at a discounted rate. GNS founder and CEO, Roger Hamilton, plans to participate in the offering, purchasing 500,000 shares. GNS shares saw a 7% increase on Tuesday following these announcements.
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Ming Shing Group (MSW), a Nasdaq-listed wet trades works service provider, also made a significant Bitcoin purchase. The company acquired 500 BTC at an average price of $94,375 per Bitcoin. MSW has seen a remarkable 43% year-to-date increase in its share price.
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This recent surge in Bitcoin treasury adoption signifies a growing trend among publicly traded companies. While four companies have publicly announced Bitcoin acquisitions, seven others have outlined strategies for incorporating Bitcoin into their treasuries, although they haven’t yet made purchases. This indicates a broader shift towards recognizing Bitcoin as a valuable asset class.
In conclusion, the increasing adoption of Bitcoin by publicly traded companies like Genius Group and Ming Shing Group underscores a growing confidence in Bitcoin as a strategic treasury asset. These acquisitions, coupled with the increasing number of companies developing Bitcoin treasury strategies, point towards continued growth and mainstream acceptance of Bitcoin in the financial world. The long-term implications of this trend remain to be seen, but the current momentum suggests a significant shift in corporate treasury management.
