Genius Group, a company specializing in educational programs utilizing artificial intelligence, has adopted Bitcoin as its primary treasury asset. The firm has pledged to hold 90% of its current and future reserves in the cryptocurrency, according to a press release.
The company is investing $120 million in digital gold — equivalent to 1379 BTC at a rate of $87,000 at the time of writing — and intends to hold the coins “for an extended period.” Additionally, it will integrate Bitcoin payments into its Edtech platform.
The shares of the Singapore-based company surged by 190% over two days before correcting.
The decision followed a restructuring of the company’s board, which saw the addition of several individuals with experience in cryptocurrencies and Web3 technologies. The company has adopted a global “Bitcoin-first” strategy.
“We view Bitcoin as the primary store of value that will fuel exponential technologies. We fully support Michael Saylor of MicroStrategy’s compelling arguments for public companies to invest in Bitcoin as a primary treasury reserve asset,” stated Genius Group director Thomas Power.
The company also plans to launch an AI-based educational program aimed at accelerating the understanding of digital gold, cryptocurrencies, and blockchain technology.
Earlier, the value of Tesla’s Bitcoin holdings exceeded $1 billion due to a price increase.