The target was set at $120 million, and the stock price rose 66%. On the 12th (local time), AI company Genius Group announced that it will acquire MicroStrategy.
The company announced a "Bitcoin First" strategy, which adopted Bitcoin as its primary financial asset, mimicking the Bitcoin First Strategy, and the stock price surged 66% in one day.
The strategy aims to have more than 90% of the company's current and future assets in Bitcoin, and to achieve this goal, the company has raised $150 million.
The company plans to secure its initial target of $120 million worth of Bitcoin through a 2019 ATM (a method of raising funds directly on the market) capital increase.
On the same day, Genius Group announced that it would add a Bitcoin payment feature to its EdTech platform, allowing students to use Bitcoin and other cryptocurrencies.
According to Google Finance, Genesis is planning to launch a Web3 educational program to help people learn about cryptocurrencies.
Group (GNS) shares closed at $1.05 on Nov. 12, up 66.4%, and then traded at $1.71 in after-hours trading, up another 62.86%.
Genius Group Director Thomas Power said: "Michael
Saylor and Microstrategy are looking to support public corporations in adopting Bitcoin as their primary financial asset.
"We believe that the company has presented a compelling case for investing in Bitcoin and we fully support it," he said.
"We will be one of the NYSE American listed companies that fully embraces our Bitcoin strategy."
2024/11/13 14:31 KST
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