Monat: Januar 2025

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Genius Group to raise $33m to buy more BTC

  • Genius Group has announced a $33 million rights offering.
  • The company will use net proceeds from the sale to buy Bitcoin.
  • Genius Group holds $35 million in BTC and could see holdings rise to $86 million with plans for additional $20 million loan.

Publicly-listed artificial intelligence firm Genius Group plans to raise $33 million to buy additional Bitcoin (BTC) as part of its BTC treasury.

Genius Group announced on Jan. 14 that the company’s board of directors had approved a rights offering plan for $33 million. The company will use net proceeds from the shares sale to purchase more Bitcoin.

As well as the rights offering, Genius Group is eyeing further financing, with one or more loan options aggregating to $20 million on the table. The company’s current BTC treasury stands around $35 million, which means successful raises from the offering and via the loans option could see Genius Group’s total Bitcoin haul rise to $86 million.

Bitcoin strategy

AI-powered Genius Group’s move to add to its Bitcoin treasury comes amid a broader surge in public and private companies buying BTC to add to their balance sheets. This trend picked momentum in 2024 following major expansion efforts by the leading corporate holder of BTC MicroStrategy.

Having inspired other companies like Metaplanet, KULR Technologies and multiple Bitcoin mining companies, MicroStrategy’s playbook is now a major talking point in boardrooms. Nasdaq-listed Heritage Distilling recently adopted the Bitcoin strategy.

Despite shareholders of Microsoft down voting a proposal that sought to have the tech giant add BTC to its treasury, experts are upbeat tha its early days. Meta is facing a similar proposal.

The approval of spot Bitcoin exchange-traded funds in the U.S., with BlackRock’s IBIT currently holding billions of dollars in BTC is another big development in the past year.

The post Genius Group to raise $33m to buy more BTC appeared first on CoinJournal.

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Italy’s largest bank, Intesa Sanpaolo, buys $1M Bitcoin

  • Intesa Sanpaolo Bank buys $1M in Bitcoin.
  • The bank is the first Italian bank to invest in crypto.
  • The move is a low-risk experiment with digital assets in preparation for potential client demand.

In a pioneering move for Italy’s financial sector, Intesa Sanpaolo, the country’s largest bank, has ventured into the cryptocurrency market by purchasing $1 million worth of Bitcoin (BTC).

This acquisition marks a significant milestone as the first direct cryptocurrency purchase by a major Italian bank, reflecting the growing acceptance of digital assets in traditional finance.

A test in preparation for potential client demands

The transaction, which netted Intesa Sanpaolo 11 BTC, underscores a cautious yet optimistic approach towards cryptocurrencies.

According to an internal memo and subsequent reports by Reuters, this investment is seen as an experiment within the bank’s vast portfolio, which includes over $100 billion in securities.

The bank’s CEO Carlo Messina described the purchase as a test, emphasizing the minimal risk involved due to the relatively small amount compared to the bank’s total assets.

Messina further elaborated that this move is not just about dipping toes into the digital asset pool but also about preparing for potential client demands. “This shows there can be some attention to digital channels, but with very limited investment amounts,” he commented.

Such a strategy could signal to other financial institutions that there’s room for cryptocurrencies in traditional banking, especially if sophisticated clients show interest in these novel investment options.

Intesa betting on a favourable crypto environment in 2025

The timing of this investment is noteworthy. Following the US approval of its first crypto-based ETF at the start of 2024 and the election of a pro-crypto US government-in-waiting at the end of the year, Bitcoin’s price soared to unprecedented heights, reaching six figures by late 2024.

With expectations of favourable regulatory changes under the new US administration led by Donald Trump, the market anticipates further growth in 2025 and Intesa Sanpaolo’s move could be seen as strategic, capitalizing on what many consider an opportune entry point into the cryptocurrency market.

This groundbreaking step by Italy’s leading bank not only highlights a shift towards embracing digital assets but also sets a precedent for other banks in Italy and potentially across Europe to consider cryptocurrencies as part of their investment strategies.

As the financial world watches, this could lead to more integrated and innovative services blending traditional banking with the burgeoning world of digital currencies.

The post Italy’s largest bank, Intesa Sanpaolo, buys $1M Bitcoin appeared first on CoinJournal.