Genius Group Limited ( GNS ) experienced a significant boost in its stock value, climbing 20% in pre-market trading on Wednesday, as per Benzinga Pro. This surge followed the company’s announcement to adopt Bitcoin (CRYPTO: BTC) as its main treasury asset. As per a press release, Genius Group ( GNS ) plans to allocate 90% of its current and future reserves to Bitcoin.

The Singapore-based company’s shares initially soared by 50% before stabilizing at a 10% increase from Monday’s close, trading at $0.70 per share. Genius Group ( GNS ) intends to acquire $120 million worth of Bitcoin, which is approximately 1,380 BTC at current market prices, for long-term holding. Additionally, the company will introduce Bitcoin payment options on its Edtech platform.

See Also: Dogecoin Swells 29%, Becomes Sixth-Largest Crypto As Investors Await Elon Musk-Headed DOGE Department Under Trump

This strategic decision follows a recent restructuring of the company’s board to include experts in crypto and Web3 technologies. Genius Group ( GNS ) is following in the footsteps of MicroStrategy ( MSTR ) , which has amassed 279,420 BTC as a hedge against inflation. Other companies, such as Semler Scientific and Tokyo-based Metaplanet, have also adopted similar strategies.

Thomas Power, a director at Genius Group ( GNS ), stated, “We see Bitcoin as being the primary store of value that will power these exponential technologies,” endorsing the strategy pioneered by Michael Saylor and MicroStrategy ( MSTR ).

Bitcoin has recently seen a surge, with the market predicting it to reach $90,000 mark. At the time of writing, it was trading around $87,753.08.

Read Next:

Lucid CEO Scrambles For Damage Control As Shares Plunge 47% This Year: ‘As A Major Shareholder…Believe Me, Nobody Is More Incentivized Than Me For Success’

Image via Shutterstock

This story was generated using Benzinga Neuro and edited by Pooja Rajkumari