Genius Group, a Singapore-based digital education company, has joined the list of companies that have chosen Bitcoin as their primary reserve asset, following in the footsteps of MicroStrategy and Metaplanet.
Genius Group’s recent decision to adopt Bitcoin as its primary reserve asset reflects the importance and trust in the cryptocurrency in financial markets. The company recently announced that it has decided to allocate 90% of its current and future reserves to this cryptocurrency, following the example of other companies that have pioneered Bitcoin investment, such as MicroStrategy and Metaplanet.
“Bitcoin first”, the new strategy of Genius Group
In the statement shared by the company, the intention of initially acquire $120 million in Bitcoin, which is roughly equivalent to 1.380 BTC at current market prices. At the time of writing, the price of Bitcoin is hovering around $87.800.
Like MicroStrategy, Genius Group said its investment in cryptocurrency is a long-term investment that is part of a broader strategy to strengthen its balance sheet and improve returns for its shareholders.
The company also has plans to launch an educational series called «Web3 Wealth Renaissance», designed to increase understanding about Bitcoin and Blockchain among its students. Through this initiative, Genius Group wants to leverage its extensive experience in providing digital educational solutions and strengthen its commitment to education in emerging technologies.
Finally, the company will also enable Bitcoin payments globally on its Edtech platform.
Roger Hamilton, CEO of the company, said that with the implementation of its Bitcoin investment strategy and the launch of “Web3 Wealth Renaissance” and Edtech payments, he expects Genius Group to position itself among the first companies listed on the New York Stock Exchange to fully adopt the Bitcoin strategy outlined by MicroStrategy.
Bitcoin is an opportunity to recover its value
Hamilton also stressed that Bitcoin adoption is part of a broader strategy to restore the value of its shares, which have fallen below $0,60 amid litigation the company is facing against market manipulators.
According to Hamilton: “We believe that every step the company can take to embrace transparent, decentralized, blockchain-based technology is an opportunity to restore Genius Group’s share price in line with its value.”.
With these words, the company's CEO highlights Bitcoin's potential to build a considerable reserve, strengthen its balance sheet and improve profitability for its shareholders.
The restructuring of its board of directors and the example of MicroStrategy
The restructuring of the Genius Group Board of Directors has been key to the adoption of Bitcoin as a reserve asset. The company reported that its board of directors was recently restructured to include experts in blockchain and Web3 technologies, and that it was these experts who voted for the adoption of Bitcoin as the main reserve asset.
He also emphasized his decision to invest in Bitcoin, noting that he has been inspired by MicroStrategy's strategy, which in 2020 made Bitcoin its main reserve asset. Michael Saylor, CEO of MicroStrategy, has been a vocal proponent of the cryptocurrency and has argued that it is a safe haven against inflation and the depreciation of fiat money.
To date, MicroStrategy’s Bitcoin strategy has proven successful, holding over $24.000 billion worth of BTC on its balance sheet.
By adopting this perspective, Genius Group is not only looking at Bitcoin as an investment, but also as an educational and financial tool, with which it can prepare the next generation for a world where cryptocurrencies will play an increasingly important role. Overall, the company’s adoption of Bitcoin as its primary reserve asset is a strategic move that seeks to boost its growth and diversify its assets. With this, Genius Group has joined the list of companies that have chosen Bitcoin as a secure and cost-effective way to store value.
Main image taken from Freepik
