30s Summary

AI firm Genius Group is investing 90% of its current and future cash resources into Bitcoin and will accept the cryptocurrency as payment on its Edtech platform. The move comes following board changes and has resulted in a 50% share price increase. The company joins others such as MicroStrategy and Tokyo investment advisor Metaplanet in treating Bitcoin as a reserve asset to ward off inflation. Genius Group director Thomas Power endorses the stance of MicroStrategy’s Michael Saylor on corporates investing in Bitcoin.

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The AI company, Genius Group, decided to put 90% of its current and future cash into bitcoin. The company announced its plans to buy about $120 million in bitcoin to hold onto long-term. They are also adding bitcoin payments on their Edtech platform. This move came after a rearrangement of the company’s board to include people with expertise in cryptocurrencies and Web3 technologies.

The company’s shares saw a jump of 50% in early trading. Even with some of the increase dropping off, the shares stayed 10% above Monday’s closing price at 70 cents per share.

Genius Group follows the example of software company MicroStrategy. This company has bought 279,420 BTC (worth about $24 billion today) since 2020 to protect them from inflation. Medical device firm Semler Scientific expressed similar intentions in May, accumulating over 1,000 bitcoin. Tokyo investment advisor Metaplanet has also joined the bitcoin-as-a-reserve strategy and holds just over 1,000 BTC.

Genius Group’s director, Thomas Power, said in a statement: “We see Bitcoin as being the primary store of value that will power these exponential technologies.” He fully supports the position taken by Michael Saylor and MicroStrategy for public companies to invest in Bitcoin as the main reserve asset in their treasury.