Genius Group (GNS), a well-known education technology group in Singapore, announced on Tuesday that it has decided to adopt Bitcoin as its "main financial reserve asset" and promised that more than 90% of the company's "existing or future new" reserve funds will be Held in the form of Bitcoin.
After the news came to light, the company's stock price soared more than 66% to $1.05 on Tuesday, and rose nearly 60% to $1.67 after the bell.
Genius Group, which is listed on the US stock market, is an online education service group that makes extensive use of education technology (Education Tech) and artificial intelligence (AI) technology to provide education services for all ages, as well as across fields and countries.
According to a statement issued on Tuesday, Genius Group said that after adopting a "Bitcoin-first strategy", the group will initially invest US$120 million to purchase Bitcoin (approximately 1,381 at the current currency price) and use it as a major financial reserve asset for "long-term holding." ”.
In addition, Genius Group will also enable Bitcoin payment functions on its educational technology platform "Edtech", so that Bitcoin is no longer just a financial reserve asset, but truly integrated into the business ecosystem.
It is reported that the above-mentioned decision was made after a round of reorganization of the Genius Group board of directors. Most of the newly added directors have backgrounds in cryptocurrency and Web3 technology, which can be called a major transformation of the company.
During this wave of Bitcoin, Genius Group’s strategy is exactly the same as MicroStrategy’s. This business software company led by Michael Saylor has adopted a "Bitcoin strategy" since 2020 and has accumulated 279,420 Bitcoins, worth up to US$24 billion.
In May of this year, Tokyo-based investment advisory firm Metaplanet and medical equipment manufacturer Semler Scientific successively announced the adoption of Bitcoin as their main reserve asset. Currently, both companies’ Bitcoin holdings exceed 1,000.
Thomas Power, director of Genius Group, said: “We firmly believe that Bitcoin will become the primary store of value asset driving these future technologies. Michael Saylor and MicroStrategy have created a new path to financial reserve for public companies, and this strategy is very convincing. And we will follow it with all our strength.”
""90% of reserve funds" are all-in Bitcoin! Genius Group’s stock price surged 66%." This article was first published on (Block Guest).
