The company announced a “Bitcoin-first” treasury strategy. This means it plans to hold most of its savings in Bitcoin rather than traditional money.
This shift follows the lead of other companies like MicroStrategy , which have turned to Bitcoin as a primary financial asset. Let’s discover more about this important news for Genius Group.
What’s the Plan?
Genius Group is committing 90% or more of its money reserves to Bitcoin. This includes both its current savings and the future money it makes. The company has started with a plan to raise $150 million through an at-the-market (ATM) offering. Using that money, it aims to buy about $120 million worth of Bitcoin, making it the company’s main asset in the bank.
The idea behind a “Bitcoin-first” strategy is to use Bitcoin as a store of value, or a safe place to hold money. Genius Group’s leaders believe that Bitcoin’s long-term growth might help the company protect and grow its savings. With Bitcoin in their treasury, the company hopes to be ready for the future of digital money, rather than keeping all its money in cash or traditional investments. The company has also recently made changes to its leadership team, adding new board members who specialize in crypto and Web3, the future of internet technology.
⚡️ LATEST: Genius Group’s stock surges 66% after adopting “Bitcoin-first” treasury strategy
The AI firm has recently reshuffled its board with crypto and Web3 execs and is now targeting to hold $120M in #Bitcoin . pic.twitter.com/TrlodpApB3
— Cointelegraph (@Cointelegraph) November 13, 2024
Expanding Bitcoin Use to Education
Genius Group isn’t stopping with just holding Bitcoin; it’s also working to make Bitcoin a bigger part of its business. The company plans to allow Bitcoin payments for its online education, or “EdTech,” platform. This way, students could pay with Bitcoin instead of cash or credit cards if they choose.
JUST IN: Publicly traded AI firm Genius Group adopts #Bitcoin as primary treasury asset, plans to acquire an initial $120 million of #BTC . pic.twitter.com/XgOGVYZP18
— Bitcoin Magazine (@BitcoinMagazine) November 12, 2024
In addition, Genius Group is launching a new Web3 education series . This series will teach students about Bitcoin and other cryptocurrencies, making it easier for people to understand the growing world of digital money. This plan shows that Genius Group sees the importance of keeping up with new trends and wants to help its users do the same.
Disclaimer
The information discussed by Altcoin Buzz is not financial advice. This is for educational, entertainment, and informational purposes only. Any information or strategies are thoughts and opinions relevant to the accepted levels of risk tolerance of the writer/reviewers and their risk tolerance may be different than yours. We are not responsible for any losses that you may incur as a result of any investments directly or indirectly related to the information provided. Bitcoin and other cryptocurrencies are high-risk investments so please do your due diligence. Copyright Altcoin Buzz Pte Ltd.
