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Home » Crypto Market News » Genius Group Shares Soar 66% Following Bitcoin-First Strategy Announcement

Genius Group Shares Soar 66% Following Bitcoin-First Strategy Announcement

  • November 13, 2024
  • 27

Genius Group Limited, a company focused on educational technology, experienced a dramatic surge in its stock price, rising by 66% in a single day. This increase follows the company’s announcement of a strategic pivot towards a “ Bitcoin -first” approach, which involves designating Bitcoin as its chief treasury asset. The firm plans to allocate 90% or more of its current and future reserves to Bitcoin , beginning with a $150 million at-the-market offering aimed at securing an initial $120 million in the cryptocurrency.

On November 12, Genius Group revealed that it would implement Bitcoin payment options on its educational platform and initiate a Web3 education series. This series is designed to teach students about Bitcoin and other cryptocurrencies, aligning with the company’s focus on integrating modern financial technologies into education.

After the announcement, shares of Genius Group closed at $1.05, a notable increase of 66.4%, and they continued to climb significantly in after-hours trading, reaching $1.71. The firm’s leadership expressed strong support for the investment strategy influenced by Michael Saylor’s MicroStrategy, which has been a pioneer in this space, emphasizing the use of Bitcoin as a crucial financial asset for public companies.

Founded in 2002 and listed on the NYSE American in 2022, the Singapore-based Genius Group offers AI-driven educational resources catering to various demographics, including students at all academic levels and entrepreneurs. The company’s recent shift in policy followed a restructuring of its board to incorporate experts in blockchain and Web3 technologies.

With Bitcoin holdings now a focal point for corporate treasury strategies, other companies like Semler Scientific and Metaplanet have also begun to adopt similar investment practices this year. As the corporate landscape shifts further towards cryptocurrency adoption, Genius Group is positioning itself at the forefront of this evolving financial paradigm.

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