AI company makes Bitcoin its primary treasury asset

AI firm, Genius Group announced that it will adopt Bitcoin as its primary treasury asset. The company will be holding 90% of its present and future resources in BTC.

According to the recent press release, the shares of GNS have increased up to 50% during the premarket trading before dropping back down. However, the stock price is still 10% more than it was on Monday. Currently, it is trading at $0.70 per share.

The Singapore-based company shared further schemes to buy $120 million worth of bitcoin, making up to 1380 BTC at current rates. The company will hold them for a longer period. Moreover, it will be allowing payments in Bitcoin for the Edtech platform.

This transition of the company towards the deployment of Bitcoin is happening after it hired multiple people with portfolios in the crypto and Web 3 markets.

The strategy is the same as Microstrategy led by Micheal Saylor which has $24 billion worth of Bitcoin holdings after it started using crypto assets for protection from inflation.