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Genius Group (GNS), an AI firm based in Singapore, has made significant strides in the corporate adoption of cryptocurrency by designating Bitcoin as its primary treasury asset.
The education technology company has embraced a “Bitcoin-first” strategy, pledging to maintain Bitcoin as the cornerstone of its financial reserves.
Genius Group Bitcoin Treasury Reserve: Is This the Start of Global Bitcoin Recognition?
The firm has expressed optimism regarding Bitcoin’s long-term worth and intends to allocate 90% of its existing and future reserves to it.
To initiate its Bitcoin-first strategy, Genius Group plans to invest $120 million from its $150 million At-The-Market (ATM) funding facility for the acquisition of Bitcoin.
This investment could amount to approximately 1,380 BTC based on current market valuations.
Genius Group is following in the footsteps of MicroStrategy, the software company led by Michael Saylor, which pioneered the concept of corporate Bitcoin reserves as a safeguard against inflation in 2020 and currently holds over 279,000 BTC.
KI-Firma Genius Group setzt auf #Bitcoin als Reserve
Die KI-Firma Genius Group hat #Bitcoin als primäres Treasury-Asset eingeführt, was ihre Aktien um ganze 50% nach oben katapultierte!
Immer mehr Unternehmen setzen auf #Bitcoin, um ihr Kapital unabhängig von klassischen… pic.twitter.com/ctsYHX68Ft— RobynHD (@TheRobynHD) November 12, 2024
Thomas Power, a Director at Genius Group with expertise in blockchain, stated that Bitcoin will act as the foundation for the company’s emphasis on exponential technologies.
Power commended MicroStrategy’s approach, indicating a strong alignment with the company’s strategy of utilizing Bitcoin as a primary store of value.
The transition to a Bitcoin-first reserve is not occurring in a vacuum; it follows a reorganization of Genius Group’s board to enhance its blockchain expertise.
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New members such as Thomas Power and Ian Putter bring specialized knowledge in blockchain regulation, compliance, and education.
Putter, who has previously worked with Standard Bank and is the founder of the Blockchain Research Institute Africa, pointed out that the choice to hold Bitcoin in Singapore offers strategic tax benefits — specifically, a 0% capital gains tax on cryptocurrency.
The board’s restructuring aligns with Genius Group’s objective of incorporating blockchain and Web3 into its educational platform, thereby creating new business opportunities.
Genius Group Expands into Web3 with Bitcoin Education and Payment Integration
In addition to strengthening its reserves, Genius Group is launching the Web3 Wealth Renaissance education series to instruct students on the fundamentals of Bitcoin, blockchain, and cryptocurrency.
As part of its growth strategy, Genius Group also intends to facilitate Bitcoin payments on its edtech platform, enhancing the crypto-friendly experience for users.
With this initiative, Genius Group joins an increasing number of companies that are incorporating Bitcoin into their treasury strategies. Medical device manufacturer Semler Scientific has recently adopted a similar approach, as has Tokyo-based investment advisor Metaplanet.
This trend indicates a rising corporate confidence in Bitcoin as a safeguard against traditional financial uncertainties and inflation, further integrating cryptocurrency into mainstream financial practices.
CEO Roger Hamilton believes that blockchain can help mitigate market manipulation. The company is currently involved in litigation against alleged market manipulators and is seeking damages of up to $250 million.
Hamilton views Bitcoin and blockchain as instruments to enhance transparency and positively influence Genius Group’s share value.
Following the announcement, Genius Group’s shares experienced a significant increase, initially surging by 50% in premarket trading before stabilizing at a 10% gain at $0.70.
The post AI Firm Genius Group Adopts Bitcoin as Treasury Asset appeared first on Cryptonews.
