Genius Group Stock Price Gains on Bitcoin Accumulation Plan

AI education company Genius Group has announced plans to hold Bitcoin as a treasury asset, inspired by MicroStrategy’s strategy. Genius Group plans to buy $120 million worth of $BTC and aims to make Bitcoin 90% of the company’s total reserves in the long term. According to CEO Thomas Power, they see Bitcoin as a “primary store of value” that supports growth technologies.

Following the announcement, Genius Group’s (GNS) shares on the NYSE American stock exchange soared 79% to $1.13, and hit an intraday high of $1.41. However, the stock is still down 82% this year. Genius Group’s new plan comes amid a crypto market boom following Donald Trump’s re-election, which sent Bitcoin to a new record high of $89,864.

Genius Group is following in the footsteps of MicroStrategy, which began accumulating Bitcoin in 2020 and now holds nearly $25 billion in Bitcoin. MicroStrategy’s stock price also hit a new high as the company announced plans to raise an additional $42 billion over the next three years to continue buying Bitcoin. In addition to MicroStrategy and Genius Group, many other organizations such as Metaplanet and Semler Scientific are also accumulating Bitcoin as a reserve asset.

Notably, the US government could also become a major buyer. At the Bitcoin 2024 event in July, Trump announced plans for the US Treasury to accumulate Bitcoin, with a bill proposed by Senator Lummis requiring the purchase of 1 million BTC and holding it for at least 20 years.