The stock market witnessed a significant surge in Genius Group Limited (GNS) shares on Wednesday, with a remarkable 20% jump in pre-market trading. This bullish sentiment was fueled by the company’s bold announcement to adopt Bitcoin as its primary treasury asset.
Genius Group, a Singapore-based Edtech platform, revealed its plans to allocate 90% of its current and future reserves to Bitcoin. This strategic decision immediately resonated with investors, propelling the company’s shares up by 50% initially, before settling at a 10% increase from Monday’s close, trading at $0.70 per share.
This move reflects a growing trend among companies to embrace Bitcoin as a store of value, particularly amid rising inflationary concerns. Genius Group intends to acquire $120 million worth of Bitcoin, which equates to approximately 1,380 BTC at current market prices, for long-term holding. Moreover, the company is set to introduce Bitcoin payment options on its Edtech platform, further solidifying its commitment to the cryptocurrency.
This decision comes after Genius Group restructured its board to include experts in crypto and Web3 technologies, highlighting its proactive approach to the evolving digital landscape. The company is following in the footsteps of tech giant MicroStrategy, which has amassed a substantial portfolio of 279,420 BTC as a hedge against inflation.
Thomas Power, a director at Genius Group, expressed his conviction in Bitcoin’s value, stating, “We see Bitcoin as being the primary store of value that will power these exponential technologies.” This endorsement reflects the increasing confidence in Bitcoin as a digital asset with significant long-term potential.
With Bitcoin recently experiencing a surge and market predictions reaching $90,000, Genius Group’s strategic move positions the company to benefit from the ongoing crypto boom.
This bold investment in Bitcoin, coupled with the company’s commitment to integrating cryptocurrency into its operations, is likely to generate significant interest from investors and the broader technology community. It remains to be seen how this strategic decision will impact Genius Group’s future growth, but the early market response suggests that the company is poised for success in the evolving digital world.
