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Genius Group is committed to keeping 90% of its current and future reserves in Bitcoin.
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The AI company announced plans to acquire an initial $120 million worth of BTC.
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The decision follows a restructuring at the board level to include several individuals with a background in cryptography.
Artificial intelligence company Genius Group (GNS) has adopted bitcoin {{BTC}} as its primary treasury asset, pledging to keep 90% of its current and future reserves in bitcoin, according to a report. press release.
Shares of the Singapore-based company rose as much as 50% in premarket trading before giving up much of their advance. They remain 10% higher than Monday’s close, at $0.70 per share.
The company announced plans to acquire an initial $120 million worth of bitcoin – approximately 1,380 BTC at current prices – which will be held for the long term. It will also enable Bitcoin payments for its Edtech platform. The decision follows a restructuring of the company’s board of directors to include several individuals with experience in crypto and Web3 technologies.
Genius is following the path blazed by Michael Saylor-led software developer MicroStrategy, which now holds 279,420 BTC ($24 billion) after adopting a Bitcoin acquisition strategy in 2020 as a hedge against inflation. In May, medical device manufacturer Semler Scientific said he plans to do the same and now holds over 1,000 bitcoins. His decision came a few days after Metaplanet, based in Tokyoinvestment advisor, joined the movement. He also now has just over 1,000 BTC.
“We view Bitcoin as the primary store of value that will power these exponential technologies,” Thomas Power, director of Genius Group, said in the release. “The compelling arguments we believe Michael Saylor and Microstrategy have made for public companies investing in Bitcoin as their primary cash reserve asset are ones we fully support.”