Publicly traded Genius Group (GNS) plans to purchase $120 million worth of Bitcoin, making it their primary treasury reserve asset. The company is a leading AI-powered education and acceleration group. This will be the first step in a global “Bitcoin-first” strategy for the company.
The Genius Group board recently underwent a total reconstruction to include Blockchain and Web3 technologies experts. The new board approved the Bitcoin Treasury Reserve, and today announced the following initiatives:
- To commit 90% or more of their current and future reserves to Bitcoin
- Commencing utilizing a $150 million ATM to acquire an initial target of $120 million in Bitcoin. The BTC will be held for the long term as Genius’ primary treasury reserve asset.
- Launching a Web3 Wealth Renaissance education series for students to accelerate their understanding of Bitcoin, cryptocurrency, and blockchain with Genius Group’s AI-powered guides.
- Enable Bitcoin payments globally on the Company’s Edtech platform.
Thomas Power, Genius Group Director, released a statement on the new strategy. According to Power, Bitcoin is a major concept and currency that will play a role in the future of commerce. “Genius Group is focused on educating students for the exponential technologies of the future,” Power said. “We see Bitcoin as being the primary store of value that will power these 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.”
Genius Group To Follow MicroStrategy’s Bitcoin Initiative
Furthermore, the Genius Group director also endorsed Michael Saylor’s MicroStrategy for their innovation in Bitcoin investments and handling of the cryptocurrency. Power says that Genius Group will be one of the first major companies to follow in MicroStrategy’s recent footsteps of acquiring BTC. “We believe 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.”
According to Ian Putter, another Genius Group Director, Genius Group has an approved $150 million ATM funding facility. In addition, the company board intends to use its future earnings and capital raising to build a Bitcoin reserve.
Genius Group’s CEO Roger Hamilton also doubled down on the company’s future Bitcoin reserve treasury. “We believe a new type of future-focused, AI-driven, blockchain-based public listed companies can bridge the divide for investors between the current, centralized, and regulated world of NYSE, NASDAQ, and other stock markets with the future promise of decentralized, exponential economies. Genius Group’s unique position of already educating for the future gives us an opportunity to bring a layer of added value through education, where we prepare the next generation for a world in which how they earn and learn are dramatically different.”
Presently, Bitcoin is trading at an all-time high of $87,736.71 at press time. The leading crypto by market cap has surged nearly 40% in the past month. Additionally, BTC has climbed over 20% since the US election results were announced.