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Genius Group has recently reshuffled its board with crypto and Web3 execs and is now targeting to hold $120 million in Bitcoin.
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Artificial intelligence firm Genius Group Limited surged 66% in a day after committing to a MicroStrategy-emulating “Bitcoin-first” strategy — which will see the cryptocurrency become its primary treasury asset.
The play will involve committing 90% or more of the company’s current and future reserves to be held in Bitcoin (BTC), starting with a $150 million at-the-market (ATM) offering to acquire an initial target of $120 million in Bitcoin.
Genius Group said on Nov. 12 that it will also enable Bitcoin payments for its “EdTech” platform and launch a Web3 education series for students to learn about Bitcoin and other cryptocurrencies.
Genius Group aims for 90% of its reserves to be held in Bitcoin. Source: Genius Group
Genius Group (GNS) shares closed Nov. 12 up 66.4% at $1.05 and continued to rise 62.86 to $1.71 in after-hours trading, according to Google Finance.
“The compelling case that we believe 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,” said Thomas Power, a director at Genius Group.
“We believe with our Bitcoin-first strategy, we will be among the first NYSE American listed companies to fully embrace MicroStrategy’s Bitcoin strategy for the benefit of our shareholders.”
The Singapore-based company was founded in 2002, its AI-powered education tech is aimed at all levels, from primary, secondary and tertiary students, to entrepreneurs, businesses and government. It became a listed company on the NYSE American in 2022.
It said the new policy comes after a board restructuring to include a number of blockchain and Web3 industry experts.
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“Genius Group is focused on educating students for the exponential technologies of the future. We see Bitcoin as being the primary store of value that will power these exponential technologies,” added Power.
The firm follows a path carved out by Michael Saylor’s MicroStrategy, whose Bitcoin holdings have now crossed 279,420 Bitcoin, currently worth $24.5 billion with Bitcoin at around $88,000.
Other firms that have also joined the Bitcoin treasury bandwagon this year include Semler Scientific and Metaplanet, which each hold over 1,000 Bitcoin.
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This article first appeared at Cointelegraph.com News
