Genius Group has announced its adoption of a "Bitcoin-first" strategy, dedicating 90% of its reserves to acquiring Bitcoin, much like MicroStrategy.
Genius Group's New Strategy
Genius Group announced plans to allocate 90% or more of its reserves to purchasing Bitcoin, starting with a $150 million ATM offering to acquire an initial $120 million in BTC. This decision mirrors MicroStrategy's successful implementation of a similar strategy.
Market Reaction and Planned Changes
Genius Group's stock increased by 66.4%, closing on November 12 at $1.05 and reaching $1.71 in after-hours trading. Thomas Power, a company director, stated that the company fully endorses the strategy proposed by Michael Saylor and MicroStrategy for using Bitcoin as a primary treasury reserve asset, aiming to bring benefits to its shareholders.
Educational Initiatives and Company Goals
In addition to Bitcoin acquisition, Genius Group plans to implement Bitcoin payments on its educational platform and launch a Web3 education series to teach students about Bitcoin and other cryptocurrencies. The company focuses on educating students for future technologies, viewing Bitcoin as a key tool for supporting these technologies.
Genius Group aims to be among the first NYSE American companies adopting MicroStrategy's strategy for treasury management, while it continues to expand educational initiatives in blockchain technology.
