AI Firm Genius Group Follows MicroStrategy, Buys $120M in Bitcoin
Chandan Gupta13 Nov 20242 min read
Artificial intelligence firm Genius Group (GNS) is making waves in the realm of cryptocurrency by publishing a press release. On November 12, 2024, GNS announced that the firm had adopted Bitcoin (BTC) as its treasury asset.
AI Firm Genius Group’s Bitcoin Adoption
The firm also noted that it will hold 90% of its current and future reserve treasury in Bitcoin. Following this announcement, the firm’s share price rose by 105%. During trading hours, the stock opened at $0.70, reached a high of $1.29, and is currently trading near the $1.21 level.
This notable announcement by GNS is similar to that of the largest corporate Bitcoin holder, MicroStrategy (MSTR), which currently holds 279,420 BTC worth $24 billion, as well as Tokyo-based Metaplanet.
In the report, the firm noted that it will initially acquire 1,380 BTC at a current price worth nearly $120 million. This notable acquisition occurred during a period when BTC experienced a small price correction of 5%. Additionally, the firm has enabled its Edtech platform to accept Bitcoin (BTC) as a means of payment.
The Objective of GNS Group for Bitcoin Adoption
Thomas Power Genius Group Director, added “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 further noted,
“We believe 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.”
This announcement suggests that the world is beginning to adopt cryptocurrency, indicating a strong bullish sentiment for the long term.
BTC Impressive Recovery
Following this report and the news of the acquisitions, the BTC price recovered impressively after experiencing a decline of more than 5%.
Currently, BTC is trading near $88,700 and has experienced a price surge of over 4.5% in the past 24 hours. During this period, its trading volume increased by 60%, indicating heightened participation from traders and investors amid the recent price decline and BTC adoption news.
