Genius Group Limited, an artificial intelligence firm, saw its stock soar by 66% after adopting a “Bitcoin-first” strategy similar to MicroStrategy’s, making Bitcoin its primary treasury asset.
The company announced on Nov. 12 that it will allocate 90% or more of its reserves to Bitcoin, beginning with a $150 million at-the-market (ATM) offering to acquire an initial target of $120 million in BTC.
In addition to holding Bitcoin, Genius Group will enable Bitcoin payments on its educational technology platform and launch a Web3 education series to teach students about Bitcoin and other cryptocurrencies.
Genius Group’s (GNS) shares closed on Nov. 12 at $1.05, marking a 66.4% increase, and continued to climb to $1.71 in after-hours trading, as reported by Google Finance.
“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,” said Thomas Power, a director at Genius Group.
“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.”
Founded in 2002, Genius Group is a Singapore-based company focused on AI-driven education tech for students across various levels, from primary and secondary education to entrepreneurship and business sectors.
The company listed on the NYSE American in 2022 and recently restructured its board to include blockchain and Web3 industry experts.
“Genius Group is focused on educating students for the exponential technologies of the future. We see Bitcoin as being the primary store of value that will power these exponential technologies,” Power added.
The firm follows the path of Michael Saylor’s MicroStrategy, whose Bitcoin holdings have reached 279,420 BTC, currently valued at $24.5 billion with Bitcoin at around $88,000.
Other companies that joined the Bitcoin treasury trend this year include Semler Scientific and Metaplanet, both holding over 1,000 Bitcoin.
