Genius Group Limited GNS experienced a significant boost in its stock value, climbing 20% in pre-market trading on Wednesday, as per Benzinga Pro. This surge followed the company’s announcement to adopt Bitcoin BTC/USD as its main treasury asset. As per a press release, Genius Group plans to allocate 90% of its current and future reserves to Bitcoin.
The Singapore-based company’s shares initially soared by 50% before stabilizing at a 10% increase from Monday’s close, trading at $0.70 per share. Genius Group intends to acquire $120 million worth of Bitcoin, which is approximately 1,380 BTC at current market prices, for long-term holding. Additionally, the company will introduce Bitcoin payment options on its Edtech platform.
This strategic decision follows a recent restructuring of the company’s board to include experts in crypto and Web3 technologies. Genius Group is following in the footsteps of MicroStrategy MSTR, which has amassed 279,420 BTC as a hedge against inflation. Other companies, such as Semler Scientific and Tokyo-based Metaplanet, have also adopted similar strategies.
Thomas Power, a director at Genius Group, stated, “We see Bitcoin as being the primary store of value that will power these exponential technologies,” endorsing the strategy pioneered by Michael Saylor and MicroStrategy.
Bitcoin has recently seen a surge, with the market predicting it to reach $90,000 mark. At the time of writing, it was trading around $87,753.08.
Read Next:
Image via Shutterstock
This story was generated using Benzinga Neuro and edited by Pooja Rajkumari
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
