JUST

Thomas

Bitcoin

Genius

Bitcoin as an institutional reserve asset gained more traction as a Singapore-based AI company took a page from MicroStrategy’s book.
Per a press <a href="https://www.globenewswire.com/news-release/2024/11/12/2979138/0/en/Genius-Group-Adopts-Bitcoin-Treasury-Reserve-Strategy.html" target="_blank" rel="noopener noreferrer nofollow">statement</a>, publicly-traded artificial intelligence firm Genius Group will onboard Bitcoin (<a href="https://crypto.news/price/bitcoin/" target="_blank" rel="noopener noreferrer nofollow">BTC</a>) as its main treasury holding and immediately purchase $120 million worth of the world’s leading cryptocurrency.
Genius Group also said it would hold 90% of its current and future treasury value in Bitcoin, adding to its initial 1,380 token buy plan disclosed on Nov. 12. The startup’s GNS shares surged 50% during pre-market trading, according to Yahoo Finance. GNS prices shook off gains by publishing time, but the shares still traded higher than their previous close.
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 JUST IN: Publicly traded AI firm Genius Group adopts <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">#Bitcoin</a> as primary treasury asset, plans to acquire an initial $120 million of <a href="https://twitter.com/hashtag/BTC?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">#BTC</a>. <a rel="noopener noreferrer nofollow" href="https://t.co/XgOGVYZP18" target="_blank">pic.twitter.com/XgOGVYZP18</a>— Bitcoin Magazine (@BitcoinMagazine) <a href="https://twitter.com/BitcoinMagazine/status/1856371086029385733?ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">November 12, 2024</a>
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You might also like: <a rel="noopener noreferrer nofollow" href="https://crypto.news/metaplanet-adopts-btc-yield-as-a-key-performance-indicator/"> Metaplanet adopts ‘BTC Yield’ as a key performance indicator </a>
At least three institutional players have now adopted the BTC accumulation strategy pioneered by Michael Saylor’s software behemoth MicroStrategy. Firms like Tokyo’s Metaplanet, medical tech provider Semler Scientific, and now Genius <a href="https://crypto.news/metaplanets-bitcoin-total-holdings-surpass-1k-with-latest-10-4m-purchase/" target="_blank" rel="noopener noreferrer nofollow">announced</a> BTC purchasing plans inspired by Saylor’s company.
All three companies hold over 1,000 BTC. The trio were leagues away from MicroStrategy’s 279,420 Bitcoin trove valued at over $24 billion due to recent highs.
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 We believe that 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.
 Thomas Power, Genius Group director
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Stocking most of its treasury with BTC was also revealed shortly after Genius reshuffled its top decision-makers. Genius added multiple crypto-savvy board members as the firm paid more attention to web3 and blockchain technology.
Read more: <a rel="noopener noreferrer nofollow" href="https://crypto.news/bitcoin-frenzy-spun-1b-volume-in-25-minutes-for-blackrocks-etf/"> Bitcoin frenzy spun $1b volume in 25 minutes for BlackRock’s ETF </a>

AI startup Genius Group picks Bitcoin as main treasury asset

crypto.news

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