Genius Group (GNS) has drawn attention by announcing the adoption of Bitcoin as a treasury asset. This news led to a significant rise in the company's share price.
Genius Group's Plans and Actions
The firm stated it would hold 90% of its current and future reserve treasury in Bitcoin. Following this announcement, the firm's share price surged by 105%. During trading hours, the stock opened at $0.70, reached a high of $1.29, and is currently trading near $1.21. This decision mirrors the strategies of companies like MicroStrategy and Tokyo-based Metaplanet, who also chose Bitcoin as their primary treasury asset. The company initially plans to acquire 1,380 BTC worth nearly $120 million at a time when BTC experienced a 5% price correction. Furthermore, the firm's Edtech platform will accept Bitcoin as a means of payment.
Objective of Bitcoin Adoption
Thomas Power, Director of Genius Group, mentioned that the company is focused on educating students for the exponential technologies of the future. He stated:
Bitcoin Price Recovery
Following this announcement, the BTC price impressively recovered after a decline of more than 5%. Currently, Bitcoin is trading near $88,700 and has surged over 4.5% in the past 24 hours. Trading volume increased by 60%, indicating heightened trader and investor activity amid the recent price decline and BTC adoption news.
The adoption of Bitcoin as a treasury asset proves to be a strategic move for Genius Group. It not only strengthens their position in the crypto market but also reflects confidence in the long-term potential of cryptocurrency.
