AI firm Genius Group has announced it will fill its coffers with Bitcoin, unveiling a micro-strategy-inspired treasury strategy shortly after the digital asset's price surged to another new all-time high.
As part of its latest business plan, the company plans to buy $120 million in Bitcoin, holding the token as a long-term reserve asset. Ultimately, Genius Group aims for bitcoin to account for 90% of treasury stock.
“We see Bitcoin as a core store of value that powers … expressive technologies,” Genius Group director Thomas Power said in a statement Tuesday.
The company's stock price surged Tuesday following the news, jumping 79 percent to $1.13 as of press time, according to Google Finance data. It touched a daily high of $1.41 earlier on Tuesday. NYSE American-listed Genius (GNS) stock is down 82% for the year.
Genus Group's change in corporate strategy comes amid a surge in the crypto market fueled by the re-election of former President Donald Trump last week.
CoinGecko rose to $89,864 on Monday. Data The property marked its final high last week since breaking the previous record high of $73,737 on Election Day. Meanwhile, some analysts predict that the price of the cryptocurrency will rise even higher before the end of the year. Passing 100,000 dollars Price target.
Genius Group's adoption of this new policy follows a recent board restructuring to include experts in blockchain and web3 technology.
The company is shaping its new bitcoin-based corporate strategy after MicroStrategy, a software firm that started raising a lot of crypto stocks in 2020. The company now holds nearly $25 billion in bitcoin, and its stock price has soared. The course of the year hit a new all-time high on Monday.
And MicroStrategy is still buying after revealing its latest acquisition on Monday. The company led by Michael Saylor announced plans at the end of October Collecting 42 billion dollars To collect more Bitcoin for the Treasury over the next three years.
MicroStrategy and Genius Group are far from the only two firms buying to hold Bitcoin as a reserve asset, along with other firms including Metaplanet and Semler Scientific.
And they may have a big money buyer in the form of the United States government. In July, Trump announced plans to create a BTC reserve for the US Treasury by Bitcoin 2024, and Senator Lammis introduced a bill on the matter the same day. The bill requires the government to store more than 1 million BTC and hold it for at least 20 years.
Edited by Andrew Hayward.
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