Genius Group intends to maintain 90% of its reserves in Bitcoin subsequent to its board restructuring, a strategy that is consistent with MicroStrategy.
Genius Group Limited has disclosed its new “Bitcoin-first” approach, which designates the cryptocurrency as its primary treasury reserve asset.
The action is the result of a recent reorganization of the Board of Directors of Genius Group, which included blockchain and Web3 specialists.
The AI-driven education and business acceleration firm intends to allocate a minimum of 90% of its current and future reserves to Bitcoin, as indicated in a press release issued on November 12. The corporation plans to make an initial long-term investment of $120 million in Bitcoin, which is equivalent to approximately 1,380 BTC at current market rates, using its $150 million ATM.
According to the press release, “We are confident that our Bitcoin-first strategy will enable us to be among the first NYSE American listed companies to fully adopt Microstrategy’s Bitcoin strategy, which will be beneficial to our shareholders.”
The announcement follows a difficult period for Genius Group, which was characterized by a substantial decline in its share price, which plummeted to under $0.60 in the midst of a public dispute over alleged market manipulation.
Roger Hamilton, the CEO, predicts that the ongoing litigation against the purported manipulators could lead to damages that surpass $250 million. He emphasized that the company’s market value could be realigned with its underlying assets by implementing transparent, decentralized blockchain technology.
The Singapore-based company’s shares experienced a 50% increase in premarket trading on Monday; however, they subsequently relinquished a significant portion of their gains. Nevertheless, Google Finance data indicates that they have continued to increase by over 61% over the past five days, with a price of $0.95 per share.
Additionally, Genius Group intends to incorporate Bitcoin as a global payment option onto its EdTech platform. Furthermore, the organization will introduce the “Web3 Wealth Renaissance” education series, which will enable students to enhance their comprehension of blockchain, cryptocurrency, and Bitcoin through AI-powered learning tools.
Hamilton further emphasized that, as an AI-driven educational organization, it is in a unique position to guide students and investors toward a future that unites traditional finance and decentralized economies.
Genius Group has joined a growing number of public companies that have adopted BTC as a reserve asset, following in the footsteps of MicroStrategy, which implemented the policy in 2020 as a means of mitigating inflation. According to Bitcoin Treasuries data, the Virginia-based organization presently is in possession of 279,420 BTC.
More recently, companies such as Semler Scientific, a medical device manufacturer, and Metaplanet, an investment manager based in Tokyo, have also pledged to maintain Bitcoin reserves, with each entity possessing more than 1,000 BTC.
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