The post AI Firm Genius Group Adopts Bitcoin as Primary Treasury Reserve Asset appeared on BitcoinEthereumNews.com.

Genius Group Limited has announced a new “Bitcoin-first” strategy, making the cryptocurrency its primary treasury reserve asset. The move follows a recent restructuring of Genius Group’s Board of Directors to include blockchain and Web3 experts. “Bitcoin-First” Strategy According to a November 12 press release, the AI-driven education and business acceleration firm plans to allocate at least 90% of its current and future reserves to Bitcoin. Using its $150 million ATM, the company intends to make an initial long-term investment of $120 million in Bitcoin, equivalent to approximately 1,380 BTC at current market rates. “We believe with our Bitcoin-first strategy, we will be among the first NYSE American listed companies to fully embrace Microstrategy’s Bitcoin strategy, for the benefit of our shareholders,” said the press release. The announcement follows a challenging period for Genius Group, marked by a significant drop in its share price, which fell to under $0.60 amid a public battle against alleged market manipulation. CEO Roger Hamilton stated that the ongoing litigation against the alleged manipulators is expected to result in damages potentially exceeding $250 million. He highlighted that adopting transparent, decentralized blockchain technology could help realign the company’s market value with its underlying assets, including $43 million in total assets and $23 million in revenue reported in 2023. Shares of the Singapore-based company surged by as much as 50% in premarket trading on Monday, though they retracted much of the gains later in the day. However, Google Finance data shows they are still up by more than 61% over the past five days at $0.95 per share. More Crypto-Centred Initiatives Genius Group also plans to introduce Bitcoin as a global payment option on its EdTech platform. Furthermore, the company will launch the “Web3 Wealth Renaissance” education series, empowering students to deepen their understanding of Bitcoin, cryptocurrency, and…

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Filed under: News - @ November 17, 2024 4:12 am