Corporate Bitcoin Adoption Forges Ahead as More Listed Firms Ride the Wave
Bitcoin (BTC) adoption by U.S.-listed public companies continues in full steam.
The latest purchase comes from NYSE-listed Genius Group (GNS). On Jan. 10, GNS reported increasing its bitcoin holding to $35 million, which was ahead of its scheduled target of $120 million. In the process, it acquired 372 BTC at an average price of $94,047 per bitcoin. The first announcement came on Nov. 12, when it announced its “Bitcoin-first” strategy.
On Tuesday, GNS also reported 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 buy join in the rights offering and buy 500,000 shares.
The firm is also pursuing loan finances to accumulate bitcoin. Shares of GNS closed 7% higher on Tuesday.
Apart from GNS, Nasdaq-listed Ming Shing Group (MSW), a wet trades works service provider, also purchased 500 BTC at an average price of $94,375 per bitcoin. MSW shares were up 43% higher year-to-date.
The new wave of bitcoin treasury adoption surges ahead with four publicly traded companies announcing bitcoin buys and seven companies announcing a strategy, but no acquisition.
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