AI startup Genius Group picks Bitcoin as main treasury asset

Bitcoin as an institutional reserve asset has gained more attention after a Singapore-based artificial intelligence company took a page from MicroStrategy’s book.

According to a press release, publicly traded artificial intelligence company Genius Group will acquire Bitcoin (BTC) as its main treasury asset, immediately purchasing $120 million worth of the world’s leading cryptocurrency.

Genius Group also said it would hold 90% of its current and future treasury value in Bitcoin, in addition to its initial plan to purchase 1,380 tokens announced on November 12. Shares of the startup GNS rose 50% during premarket trading, according to Yahoo Finance. . GNS prices pared gains by press time, but shares are still trading above their previous close.

At least three institutional players have now adopted the BTC accumulation strategy pioneered by Michael Saylor’s software giant MicroStrategy. Firms such as Tokyo’s Metaplanet, medical technology provider Semler Scientific, and now Genius have announced BTC acquisition plans inspired by Saylor’s company.

All three companies hold over 1,000 BTC. The trio was leagues away from MicroStrategy’s trove of 279,420 Bitcoins, which is worth over $24 billion due to recent highs.

We believe that with our Bitcoin-first strategy, we will be among the first NYSE America-listed companies to fully embrace Microstrategy’s Bitcoin strategy for the benefit of our shareholders.

Thomas Power, Genius Group director

It was also revealed shortly after Genius replaced its senior decision makers that most of its treasury was stocked with BTC. Genius has added multiple crypto-savvy members to its board of directors as the firm pays more attention to web3 and blockchain technology.