AI-driven Genius Group converts 90% of reserves to Bitcoin

Key Takeaways

• Genius Group plans to convert 90% of its reserves to Bitcoin and launch a Web3 Wealth Renaissance education series.
• The NYSE American-listed company faces market manipulation challenges and is planning litigation with estimated damages over $250 million.

Genius Group Limited announced its board has adopted a “Bitcoin-first” strategy, making Bitcoin its primary treasury reserve asset. The NYSE American-listed education company plans to allocate 90% or more of its current and future reserves to Bitcoin.

The company aims to utilize its $150 million ATM facility to acquire an initial target of $120 million in Bitcoin as a long-term treasury reserve asset. The strategy includes launching a Web3 Wealth Renaissance education series and enabling Bitcoin payments globally on its Edtech platform.

“Genius Group is focused on educating students for the exponential technologies of the future. We see Bitcoin as being the primary store of value that will power these exponential technologies,” said Thomas Power, Genius Group Director and former Board Director at Team Blockchain.

Ian Putter, Genius Group Director and former Head of Blockchain Domain at Standard Bank, noted:

“Being a Singapore-incorporated company, with 0% capital gains tax, gives us an additional advantage in our Bitcoin-first strategy.”

Roger Hamilton, Genius Group’s CEO, reported that the company has faced market manipulation challenges, with its share price dropping below $0.60 and market capitalization falling to $12 million, despite reporting audited annual revenue of $23 million and total assets of $43 million in 2023.

The company has pending litigation against alleged market manipulators, with estimated damages exceeding $250 million. Genius Group plans to detail its AI-powered, Bitcoin-first strategy in a GeniusLIVE podcast scheduled for November 19, 2024.

Genius Group is not the first public company to embrace Bitcoin as a treasury reserve asset. MicroStrategy, a prominent advocate of this approach, expanded its Bitcoin holdings to 279,420 BTC.

Semler Scientific adopted a similar strategy last month by acquiring 828 BTC to hedge against inflation and monetary instability. In April, Japanese real estate firm Metaplanet also converted its treasury reserves to Bitcoin, subsequently seeing a significant appreciation in its stock value.