Artificial intelligence company Genius Group has taken a major step toward adopting Bitcoin as its primary treasury reserve asset. The firm has purchased 110 Bitcoin for $10 million, with plans for ongoing acquisitions to meet its $120 million target.
Genius Group’s Bold Bitcoin Strategy
The company announced on Nov. 18 that it acquired Bitcoin at an average price of $90,932 per coin. Genius Group aims to commit 90% or more of its current and future reserves to Bitcoin, inspired by MicroStrategy’s approach to treasury management.
CEO Roger Hamilton highlighted the lack of clear guidelines for businesses transitioning to Bitcoin as a reserve asset. To address this, Genius Group is launching a podcast on Nov. 19 to guide other firms through the process.
Hamilton said:
“When Genius Group decided to adopt MicroStrategy’s Bitcoin treasury plan, there was no clear guidelines available for companies to easily follow. We believe with the information our podcast will provide, more companies will see the benefits of establishing a Bitcoin treasury and will be equipped with the clear steps to follow.”
Stock Performance and Future Plans
Genius Group’s stock (GNS) has seen a slight boost since its Bitcoin strategy announcement, closing at $0.91 on Nov. 18, up over 22% for the month. However, this remains below its $1.05 peak following the announcement and far from its all-time high of $96.80 in June 2022.
The Growing Appeal of Bitcoin Reserves
As Bitcoin hovers near its all-time high of $93,477, more firms are adopting the cryptocurrency as a reserve asset, viewing it as a hedge against inflation and a tool for financial growth. Genius Group’s initiative to share its journey through a podcast underscores the increasing institutional interest in Bitcoin’s potential.
