As a Singapore-based AI company emulated MicroStrategy, Bitcoin’s status as an institutional reserve asset acquired additional momentum
Genius Group, a publicly traded artificial intelligence firm, will promptly purchase $120 million of the world’s leading cryptocurrency and onboard Bitcoin as its primary treasury holding, according to a press release.
Genius Group also announced that it would maintain 90% of its current and future treasury value in Bitcoin, in addition to the 1,380 token purchase plan that was initially disclosed on November 12.
According to Yahoo Finance, the startup’s GNS shares experienced a 50% increase in pre-market trading. The shares of GNS continued to trade higher than their previous close, despite the fact that they shook off gains by the time of publication.
The BTC accumulation strategy, which was first introduced by Michael Saylor’s software company MicroStrategy, has been adopted by at least three institutional participants.
Metaplanet, a Tokyo-based company, Semler Scientific, a medical technology provider, and Genius have all announced intentions to purchase Bitcoin (BTC) in response to Saylor’s company.
Over 1,000 BTC are held by each of the three organizations. Due to recent highs, the triumvirate was miles away from MicroStrategy’s 279,420 Bitcoin trove, which is valued at over $24 billion.
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
Genius’ decision to stockpile Bitcoin (BTC) in the majority of its treasury was also disclosed shortly thereafter. As the organization prioritized blockchain and web3 technologies, Genius recruited numerous crypto-savvy board members.