In a groundbreaking move within the cryptocurrency space, the artificial intelligence firm Genius Group (GNS) has made headlines with its recent announcement. On November 12, 2024, the company revealed its decision to embrace Bitcoin (BTC) as its primary treasury asset, signaling a significant shift in its financial strategy.
AI Firm Genius Group’s Bitcoin Adoption
Genius Group disclosed its plan to allocate 90% of its current and future reserve treasury into Bitcoin. This strategic decision led to a remarkable 105% surge in the firm’s share price. The stock, which opened at $0.70, soared to a high of $1.29 and is now trading around the $1.21 mark. This bold move mirrors the strategies of prominent corporate Bitcoin holders, including MicroStrategy (MSTR), known for its substantial Bitcoin investments.
The report further elaborates on the firm’s initial acquisition of 1,380 BTC, valued at approximately $120 million at the current market rate. This significant purchase occurred during a period when Bitcoin faced a minor price correction of 5%. Additionally, Genius Group has integrated Bitcoin as a payment option on its Edtech platform, enhancing the utility of the cryptocurrency within its ecosystem.
The Objective of GNS Group for Bitcoin Adoption
Thomas Power, Director of Genius Group, explained the rationale behind this strategic shift: “Genius Group is committed to preparing students for the exponential technologies of the future. We view Bitcoin as a fundamental store of value that will drive these technologies forward.” He further emphasized, “With our Bitcoin-first strategy, we aim to be among the pioneering companies listed on the NYSE American to fully implement MicroStrategy’s Bitcoin strategy, benefiting our shareholders in the process.”
This development underscores a growing trend among global enterprises to incorporate cryptocurrency into their financial frameworks, reflecting a robust long-term bullish sentiment toward digital assets.
BTC’s Impressive Recovery
Following the announcement of Genius Group’s substantial Bitcoin acquisition, BTC demonstrated a remarkable recovery. After experiencing a decline exceeding 5%, Bitcoin rebounded impressively, currently trading around $88,700. The cryptocurrency has witnessed a price increase of over 4.5% in the past 24 hours. This period also saw a 60% surge in trading volume, highlighting increased activity from traders and investors, spurred by the recent adoption news and BTC’s price dip.
In conclusion, Genius Group’s decision to adopt Bitcoin as its primary treasury asset marks a significant development in the financial landscape. This move not only positions the firm as a forward-thinking entity but also reinforces the growing acceptance and integration of cryptocurrency in mainstream business operations.
