Key Points
- Singapore-based AI firm Genius Group is adopting Bitcoin as its main treasury holding.
- The company’s move follows similar strategies by other institutional players, inspired by MicroStrategy.
Genius Group, a Singapore-based artificial intelligence company, has decided to make Bitcoin its primary treasury reserve. This move is similar to that of MicroStrategy, a software giant that has also adopted Bitcoin as a reserve asset.
According to a press release, Genius Group will be purchasing $120 million worth of Bitcoin. This decision is part of a broader strategy to hold 90% of its current and future treasury value in Bitcoin.
Genius Group’s Bitcoin Strategy
The company initially disclosed its plan to buy 1,380 Bitcoin tokens on November 12. Following this announcement, the firm’s GNS shares experienced a 50% surge during pre-market trading. Although gains were lost by publishing time, the shares still traded at a higher value than their previous close.
Genius Group’s decision makes it one of several institutional players to adopt the Bitcoin accumulation strategy. This approach was first introduced by MicroStrategy, a software behemoth led by Michael Saylor. Other firms that have adopted this strategy include Tokyo’s Metaplanet and medical tech provider Semler Scientific.
Bitcoin Holdings
Each of these companies holds over 1,000 Bitcoin. However, their holdings are significantly less than MicroStrategy’s 279,420 Bitcoin, valued at over $24 billion.
In a statement, Thomas Power, a director at Genius Group, expressed his belief that their Bitcoin-first strategy would benefit the company’s shareholders. This strategy was revealed shortly after Genius reshuffled its top decision-makers, bringing in several board members with a strong understanding of web3 and blockchain technology.