AI Firm Genius Group accepts Bitcoin as a primary treasury asset

Genius Group Limited has announced a new “Bitcoin-first” strategy, making the cryptocurrency its primary treasury asset.

The move follows a recent restructuring of Genius Group's board of directors to include blockchain and Web3 experts.

“Bitcoin-First” strategy

In the year According to a November 12 press release, the AI-driven education and business accelerator plans to allocate at least 90% of its current and future reserves to Bitcoin. Using the $150 million ATM, the company intends to make an initial long-term investment of $120 million in Bitcoin, which is approximately 1,380 BTC at the current market price.

“We believe in our Bitcoin-first strategy, we will be among the first NYSE American listed companies to adopt a microstrategy Bitcoin strategy for the benefit of our shareholders,” said a press release.

The announcement follows a challenging period in which Genius Group's share price fell below $0.60 amid a public battle over market manipulation.

CEO Roger Hamilton said the ongoing litigation against the fraudsters is expected to result in more than $250 million in damages. He pointed out that the use of transparent and decentralized blockchain technology will help align the company's market value with its core assets. Including $43 million in total revenue and $23 million in 2023 revenue.

Shares of the Singapore-based company rose as much as 50% in premarket trading on Monday, although they pared most of the day's gains. However, Google Finance data shows that they are still up more than 61% in the last five days at $0.95 per share.

More crypto-centric initiatives

Genius Group also plans to introduce Bitcoin as a global payment option on its edtech platform. In addition, the company will launch the “Web3 Wealth Renaissance” education series, which will allow students to increase their understanding of Bitcoin, cryptocurrency and blockchain through AI-based learning tools.

Hamilton also noted that as an AI-driven educational institution, it is uniquely positioned to bring students and investors together to bridge traditional finance and decentralized economies into the future.

Genius Group's move to adopt BTC as a reserve asset has placed it among the growing public companies in a micro-strategic way, and the policy was adopted in 2015. He hedged it to protect against inflation in 2020. According to data from Bitcoin Treasuries, the Virginia-based organization currently holds 279,420 BTC.

More recently, companies such as medical device maker Semler Scientific and Tokyo-based investment manager Metaplanet have entered Bitcoin reserves, holding more than 1,000 BTC each.