Artificial intelligence company Genius Group (GNS) has adopted Bitcoin (BTC) as its primary treasury asset, pledging to hold 90% of its current and future reserves in Bitcoin, according to a press release.

Shares in the Singapore-based firm soared as much as 50% in pre-market trading before settling down. They now trade 10% higher than Monday's close at $0.70 per share.

The company intends to purchase an initial $120 million worth of Bitcoin—approximately 1,380 BTC at current prices—to maintain as a long-term asset. It will also start accepting Bitcoin payments for its educational technology platform. This move comes after a structural change in the company's board to include several individuals with experience in cryptocurrency and Web3 technologies.

Genius follows the example of Michael Saylor's MicroStrategy, which now holds 279,420 BTC (worth about $24 billion) after implementing a strategy to acquire Bitcoin as a hedge against inflation back in 2020. Recently, companies like Semler Scientific and Metaplanet have joined this trend, amassing over 1,000 BTC each.

"We view Bitcoin as the primary store of value powering emerging technologies," stated Thomas Power, a director at Genius Group. "The strong case made by Michael Saylor and MicroStrategy for public companies to invest in Bitcoin as a primary treasury asset strongly resonates with us."