Bitcoin Takes Center Stage: Genius Group Commits 90% Reserves to Cryptocurrency
In a bold move, artificial intelligence company Genius Group has announced that it will hold 90% of its current and future reserves in bitcoin, marking a significant shift in its treasury strategy. This decision comes on the heels of a board-level restructuring, which has brought in experts with extensive backgrounds in crypto and Web3 technologies.
A $120 Million Bet on Bitcoin
As part of its new strategy, Genius Group plans to acquire an initial $120 million worth of bitcoin, equivalent to approximately 1,380 BTC at current prices. This investment will be held for the long term, demonstrating the company’s confidence in the cryptocurrency’s potential. Furthermore, Genius Group will also enable bitcoin payments for its Edtech platform, expanding its reach and flexibility.
Following in the Footsteps of Pioneers
Genius Group is not alone in its decision to adopt bitcoin as a primary treasury asset. Software developer MicroStrategy, led by Michael Saylor, has been a trailblazer in this space, holding a staggering 279,420 BTC ($24 billion) after adopting a similar strategy in 2020. Medical device maker Semler Scientific and Tokyo-based investment adviser Metaplanet have also recently joined the ranks, each holding over 1,000 bitcoin.
A Store of Value for Exponential Technologies
According to Thomas Power, a director of Genius Group, “We believe that bitcoin is the primary store of value that will power these exponential technologies.” The company fully endorses the compelling case made by MicroStrategy for public companies to invest in bitcoin as their primary treasury reserve asset.
Shares Soar on the News
The market has responded positively to Genius Group’s announcement, with shares rising as much as 50% in premarket trading before settling at a 10% increase, reaching $0.70 per share. This boost in confidence is a testament to the growing appeal of bitcoin as a stable store of value in an increasingly uncertain economic landscape.
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