As a seasoned investor with a knack for spotting trends and a keen interest in the evolving world of cryptocurrencies, this recent move by Genius Group to adopt Bitcoin as their primary treasury asset has caught my attention. The parallels drawn from MicroStrategy’s strategic approach are hard to ignore, and it’s intriguing to see other institutions following suit.
A Singapore-based artificial intelligence company has boosted the popularity of Bitcoin as a reserve asset for institutions by following in the footsteps of MicroStrategy.
According to a public announcement, the AI company Genius Group plans to adopt Bitcoin (BTC) as their primary investment in their treasury and will promptly buy approximately $120 million of this well-known digital currency.
The Genius Group announced a plan to keep 90% of its existing and upcoming treasury assets in Bitcoin, extending their initial purchase plan of 1,380 Bitcoins, as revealed on November 12th. This decision caused a 50% surge in the startup’s share price during pre-market trading, according to Yahoo Finance. Although the GNS prices adjusted by the time of publication, they were still higher than their previous closing price.
Latest News: The publicly held artificial intelligence company, Genius Group, has chosen Bitcoin as its main treasury reserve, intending to purchase approximately $120 million worth of BTC initially.
— Bitcoin Magazine (@BitcoinMagazine) November 12, 2024
At least three organizations, including Metaplanet from Tokyo, Semler Scientific in the medical technology sector, and Genius, have recently started following MicroStrategy’s Bitcoin accumulation strategy, which was initially introduced by Michael Saylor’s software giant. These companies are inspired by MicroStrategy’s decision to invest in Bitcoin.
The three firms collectively possess more than 1,000 Bitcoins. However, their holdings pale in comparison to MicroStrategy’s massive Bitcoin hoard of approximately 279,420 coins, which is worth well over $24 billion at current market highs.
With our focus on Bitcoin as a primary approach, we aim to become one of the pioneering NYSE American-listed companies adopting Microstrategy’s Bitcoin strategy, ultimately delivering these benefits to our stockholders.
Thomas Power, Genius Group director
It became known that Genius had predominantly stored its funds in Bitcoin, along with this revelation came changes in the company’s upper management. Subsequently, the company brought on several crypto-knowledgeable board members as it started to focus more intensely on web3 and blockchain technology.
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2024-11-12 21:13