- Genius Group announces $120 million Bitcoin investment strategy, aiming for 90% of treasury reserves in BTC
- Company’s stock (GNS) surged 79% following the announcement, reaching $1.13
- Bitcoin hit $89,864 on Monday, continuing its upward trajectory since Trump’s re-election
- Strategy mirrors MicroStrategy‘s approach, which holds nearly $25 billion in Bitcoin
- US government considering Bitcoin stockpile following Trump’s announcement at Bitcoin 2024
Genius Group Joins Corporate Bitcoin Rush
AI company Genius Group has announced plans to allocate $120 million to Bitcoin investments, following the cryptocurrency’s recent price surge to new heights.
The company aims to convert 90% of its treasury reserves into Bitcoin, adopting a strategy similar to software giant MicroStrategy.
Thomas Power, Genius Group Director, stated: "We see Bitcoin as being the primary store of value that will power exponential technologies."
Market Response and Stock Performance
The announcement triggered an immediate market reaction, with Genius Group’s stock price (GNS) jumping 79% to $1.13.
The stock briefly touched $1.41 during Tuesday’s trading session, though it remains down 82% year-to-date.
Bitcoin’s Record-Breaking Rally
Bitcoin reached a new all-time high of $89,864 on Monday, according to CoinGecko data.
The cryptocurrency’s price surge began after Trump’s re-election, breaking past its previous record of $73,737 on Election Day.
Market analysts project Bitcoin’s value could exceed $100,000 before year-end.
Corporate Bitcoin Adoption Trend
Genius Group’s strategy follows a recent restructuring of its board to include blockchain and Web3 technology experts.
MicroStrategy, the blueprint for Genius Group’s strategy, currently holds Bitcoin worth nearly $25 billion.
MicroStrategy recently announced plans to raise $42 billion over three years to acquire additional Bitcoin.
Other corporations, including Metaplanet and Semler Scientific, have also adopted Bitcoin as a reserve asset.
Government Interest in Bitcoin
At Bitcoin 2024 in July, former President Trump proposed creating a Bitcoin stockpile for the U.S. Treasury.
Senator Lummis introduced legislation proposing the government acquire and hold 1 million BTC for a minimum of 20 years.
The potential government involvement signals growing institutional acceptance of Bitcoin as a reserve asset.
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