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Genius Group (GNS), a Singapore-based artificial intelligence company, has announced the adoption of bitcoin (BTC) as its primary treasury asset, committing to hold 90% of its current and future reserves in bitcoin, according to a recent press release. 
Following this announcement, shares of Genius Group surged by as much as 50% in premarket trading, though they later pared back some of those gains, currently trading 10% higher than Monday’s closing price at $0.70 per share. 
The company plans to initially purchase $120 million worth of bitcoin — approximately 1,380 BTC at current market rates — which it intends to hold for the long term. Additionally, Genius Group will enable bitcoin payments on its Edtech platform. This move comes after a recent restructuring of the company’s board to include several individuals with expertise in crypto and Web3 technologies. 
New board members Thomas Power and Ian Putter bring expertise in blockchain regulation, compliance, and education. 
Putter, formerly with Standard Bank and founder of the Blockchain Research Institute Africa, emphasized that holding Bitcoin in Singapore offers strategic tax benefits, including a 0% capital gains tax on cryptocurrencies. 
Commenting on the decision, Thomas Power, a director at Genius Group, stated, “We see Bitcoin as the primary store of value that will drive exponential technologies.” “The compelling case that we believe Michael Saylor and Microstrategy have made for public companies to invest in Bitcoin as their primary treasury reserve asset is one that we fully endorse,” he added. 
This board restructuring aligns with Genius Group’s vision to integrate blockchain and Web3 into its education platform, paving the way for new business opportunities. 
Genius Group is taking a similar approach to MicroStrategy, led by Michael Saylor, which has become known for its strategy of accumulating bitcoin as a hedge against inflation. MicroStrategy currently holds 279,420 BTC (valued at $24 billion), having started its bitcoin acquisition strategy in 2020. 
Other companies have also followed suit; in May, medical device maker Semler Scientific announced its own bitcoin investment strategy, accumulating over 1,000 BTC. Around the same time, Tokyo-based investment adviser Metaplanet joined the trend and now holds just over 1,000 BTC. 
The post <a href="https://www.unlock-bc.com/132495/genius-group-adopts-bitcoin-as-primary-treasury-asset-commits-90-of-reserves/">Genius Group Adopts Bitcoin as Primary Treasury Asset, Commits 90% of Reserves</a> appeared first on <a href="https://www.unlock-bc.com">UNLOCK Blockchain</a>.

Genius Group Adopts Bitcoin as Primary Treasury Asset, Commits 90% of Reserves

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