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Genius Group stock jumps 66% with Bitcoin plan

Genius Group stock jumps 66% with Bitcoin plan

GrafaGrafa2024/11/13 08:00
By:Mahathir Bayena

Artificial intelligence firm Genius Group Limited experienced a 66% surge in its stock price following the announcement of a new “Bitcoin-first” treasury strategy.

This approach mirrors that of MicroStrategy, as the company aims to make Bitcoin (CRYPTO:BTC) its primary treasury reserve asset.

Genius Group disclosed plans to allocate 90% or more of its existing and future reserves to Bitcoin.

The initiative begins with a $150 million at-the-market (ATM) offering to accumulate an initial target of $120 million in Bitcoin.

The company also announced the integration of Bitcoin payments on its EdTech platform and the introduction of a Web3 education series for students to learn about Bitcoin and related 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," stated Thomas Power, a director at Genius Group. 

He noted that this strategy positions Genius Group as one of the first NYSE American-listed companies to adopt such an approach.

Genius Group was established in 2002 and became publicly listed on the NYSE American in 2022.

The company’s focus is on AI-powered education solutions catering to students, entrepreneurs, businesses, and governments.

The adoption of a Bitcoin-first policy follows the company’s recent board restructuring, which added experts from the blockchain and Web3 industries.

The firm’s stock closed at $1.05 on Nov. 12, before rising to $1.71 in after-hours trading, based on data from Google Finance.

This move echoes broader trends among public firms investing in Bitcoin, as other companies like Semler Scientific and Metaplanet have accumulated significant Bitcoin holdings.

“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.

At the time of reporting, the Bitcoin price was $86,899.81.

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Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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