AI Firm Genius Group Chooses Bitcoin as Main Treasury Asset

In Brief:

Singapore-based AI company Genius Group has adopted Bitcoin as its primary treasury asset, dedicating 90% of its reserves to the cryptocurrency.

The decision led to a 50% spike in the company's shares, with plans to acquire $120 million worth of Bitcoin and enable BTC payments on its platform.

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AI Firm Genius Group Adopts Bitcoin as Primary Treasury Asset; Shares Spike 50%

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Genius Group, a Singapore-based artificial intelligence company, has announced its decision to adopt Bitcoin as its primary treasury asset. The company has committed 90% of its current and future reserves to be held in Bitcoin, marking a significant shift in its financial strategy.

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Genius Group's Strategic Bitcoin Move

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Following a board-level restructuring to include individuals with crypto expertise, Genius Group plans to acquire an initial $120 million worth of Bitcoin, equivalent to approximately 1,380 BTC at current prices. This move is part of a broader strategy to leverage Bitcoin as a primary store of value and enable Bitcoin payments on its Edtech platform.

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The decision mirrors the approach taken by MicroStrategy, which has amassed a substantial Bitcoin reserve as a hedge against inflation. Other companies, such as Semler Scientific and Metaplanet, have also embraced Bitcoin as a treasury asset, highlighting a growing trend among public companies.

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Market Reaction and Future Prospects

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Genius Group's announcement resulted in a 50% increase in its share price during premarket trading, although it later stabilized to remain 10% higher than the previous close. The company's commitment to Bitcoin reflects a strong endorsement of the cryptocurrency's role in powering exponential technologies.

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Thomas Power, a director at Genius Group, emphasized the compelling case for Bitcoin as a treasury reserve asset, aligning with the strategy advocated by MicroStrategy's Michael Saylor. As more companies explore similar strategies, Bitcoin's role in corporate finance continues to expand.

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