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AI Firm Genius Group Adopts Bitcoin as Treasury Asset

AI Firm Genius Group Adopts Bitcoin as Treasury Asset

CryptoNewsCryptoNews2024/11/13 10:55
By:Hassan Shittu

Genius Group adopts a Bitcoin treasury strategy, committing 90% of reserves to Bitcoin and planning a $120 million investment to enhance its financial position and embrace cryptocurrency in its operations.

Last updated:
November 12, 2024 17:32 EST

Singapore-based AI company Genius Group (GNS) has made a big leap in corporate adoption of cryptocurrency, naming Bitcoin its main treasury asset.

The education technology firm has adopted a “Bitcoin-first” approach, committing to hold Bitcoin as the core of its financial reserves.

Genius Group Bitcoin Treasury Reserve: Is This the Beginning of Global Bitcoin Recognization?

The company expressed confidence in Bitcoin’s long-term value and plans to dedicate 90% of its current and future reserves to it.

To kickstart its Bitcoin-first strategy, Genius Group plans to allocate $120 million from its $150 million At-The-Market (ATM) funding facility for Bitcoin acquisition.

This investment could equate to roughly 1,380 BTC at current market prices.

Genius Group is following a path blazed by MicroStrategy , the software firm led by Michael Saylor, which pioneered corporate Bitcoin reserves as an inflation hedge in 2020 and now 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 Genius Group Director with a background in blockchain, expressed that Bitcoin would serve as the foundation supporting the company’s focus on exponential technologies.

Power praised MicroStrategy’s strategy, expressing strong alignment with the company’s approach to using Bitcoin as a primary store of value.

The company’s shift to a Bitcoin-first reserve isn’t happening in isolation; it follows a restructuring of Genius Group’s board to bolster its blockchain expertise.

New additions like Thomas Power and Ian Putter bring specialized knowledge in blockchain regulation, compliance, and education.

Putter, previously associated with Standard Bank and founder of the Blockchain Research Institute Africa, highlighted that the decision to hold Bitcoin in Singapore carries strategic tax advantages — a 0% capital gains tax on cryptocurrency.

The board’s reconfiguration aligns with Genius Group’s goal of integrating blockchain and Web3 into its education platform, opening new business avenues.

Genius Group Expands into Web3 with Bitcoin Education and Payment Integration

Beyond bolstering its reserves, Genius Group is launching the Web3 Wealth Renaissance education series to educate students on Bitcoin, blockchain, and cryptocurrency fundamentals.

As part of its expansion, Genius Group also plans to enable Bitcoin payments on its edtech platform, creating a more crypto-friendly experience for users.

With this decision, Genius Group joins a growing list of companies integrating Bitcoin into their treasury strategies. Medical device maker Semler Scientific recently adopted a similar approach, as did Tokyo-based investment adviser Metaplanet .

This trend suggests increasing corporate confidence in Bitcoin as a hedge against traditional financial risks and inflation, further embedding cryptocurrency into mainstream financial strategies.

CEO Roger Hamilton believed that blockchain could help combat market manipulation. The company is engaged in litigation against alleged market manipulators and is pursuing damages of up to $250 million.

Hamilton sees Bitcoin and blockchain as tools to boost transparency and positively impact Genius Group’s share value.

Following the announcement, Genius Group’s shares saw a substantial rise, initially spiking by 50% in premarket trading before reaching a 10% gain at $0.70.

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Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
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Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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