AI firm Genius Group has announced it will top up its coffers with Bitcoin‌, revealing a MicroStrategy-inspired treasury reserve strategy shortly after the digital asset’s price soared to another new all-time high.

The company plans to purchase $120 million in Bitcoin as part of its latest business plan, holding the token as a long-term reserve asset. Ultimately, Genius Group aims for Bitcoin to make up 90% of its treasury reserves. 

“We see Bitcoin as being the primary store of value that will power… exponential technologies‌,” Genius Group Director Thomas Power said Tuesday in a statement. 

The firm’s stock price skyrocketed Tuesday following the news, jumping by 79% as of this writing to a current price of $1.13, per data from Google Finance. It briefly touched a daily high of $1.41 earlier Tuesday. Genius (GNS) stock, listed on NYSE American, remains down 82% on the year.

Genius Group’s corporate strategy shift comes amid a crypto market surge triggered by former President Donald Trump’s re-election last week.

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Author: Liz Napolitano