Genius Group Limited, an artificial intelligence (AI) company, has seen its stock rise after announcing a bold move to adopt Bitcoin as its primary treasury asset. The company’s stock jumped 66.4% on November 12, closing at $1.05, and climbed further in after-hours trading to $1.67.
Genius Group stock price surges over 66% within hours of Bitcoin-First strategy announcement. Source: Google FinanceWhat Is Genius Group’s Bitcoin Strategy?
The Singapore-based company got listed on the NYSE American in 2022. The firm revealed its plan to allocate 90% or more of its reserves to Bitcoin. To kickstart this strategy, Genius Group intends to raise $150 million through an at-the-market (ATM) offering. The firm aims to secure $120 million worth of Bitcoin as an initial investment.
In fact, this move is similar to the approach taken by MicroStrategy, a U.S.-based business intelligence firm. The company has become a leader in corporate Bitcoin adoption. MicroStrategy currently holds over 279,420 Bitcoin, valued at approximately $24.5 billion, with Bitcoin’s price hovering around $87,000.
Thomas Power, a director at Genius Group, explained the rationale behind the decision, stating:
The compelling case that Michael Saylor and MicroStrategy have made for public companies to invest in Bitcoin as their primary treasury reserve asset is one that we fully endorse.
Expanding Into Bitcoin and Web3
In addition to using Bitcoin as a reserve asset, Genius Group will also integrate the cryptocurrency into its business model. Specifically, the company plans to enable Bitcoin payments for its educational technology (EdTech) platform. It will introduce a Web3-focused education series to teach students about blockchain and Bitcoin.
Genius Group’s decision follows a recent board restructuring, which brought in experts from the blockchain and Web3 industries.
Notably, Genius Group joins a growing list of companies embracing Bitcoin as a treasury asset. Semler Scientific and Metaplanet are among other firms that have added over 1,000 Bitcoin to their reserves this year.
The post Genius Group Stock Surges 66% After Bitcoin-First Strategy Announcement appeared first on CoinChapter.
