AI Company Issues $33 Million in Debt to Buy Bitcoin

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AI Company Issues $ Million in Debt to Buy Bitcoin
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AI Company Issues $33 Million in Debt to Buy Bitcoin
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Genius Group Limited, an educational group that uses artificial intelligence (AI), announced the approval of a US$33 million rights offering. With this sale, the company intends to adopt the well-known “Bitcoin strategy” and purchase Bitcoin for its cash.

The company plans to allocate all bid profits to your treasuryfollowing the model of MicroStrategy and other companies. In this case, Genius named the operation the “Bitcoin-first” strategy.

This move could increase your Bitcoin reserves by $35 million to up to $86 milliondepending on the subscription level of the offering and additional loan financing. And the company’s shares reacted well, closing the trading session up 7.48% and worth US$0.64.

According to the announcement made by the group on Tuesday (14), Genius Group shareholders will receive a right for every share they own and this right will be transferable. In other words, anyone who does not want to exercise their rights can sell them on the market.

Green light to buy Bitcoin

For those who wish to exercise, Genius will give each holder the right to subscribe for one common share at US$0.50. As the share price is US$0.64, this means buying the new shares at a discount of more than 20%.

As rights are transferable, shareholders who wish to purchase more shares than they are entitled to will be able to acquire more rights and exercise them. The company expects raise US$33 million and use 100% of the money to buy Bitcoin.

The rights will begin trading on the NYSE American under the ticker symbol “GNS RTWI” starting January 23. Delivery to shareholders will begin the following day (24). Three days later, on January 27th, they will be able to trade rights freelyunder the symbol “GNS RT”.

Finally, the trading and exercise period will end on February 13, 2025. However, the company may extend this period if it deems it necessary.

Roger Hamilton, CEO and founder of Genius Group, has agreed to participate fully in the offering. Showing management’s confidence in the company (the famous “skin in the game“), Hamilton stated that he intends buy another 6.8 million shares through the exercise of their rights.

This would lead him to increase his stake in the company by approximately 10.3%. As the executive already has 24.6% of the shares, Hamilton will have more than 34% if he exercises all purchase rights.

AI Company Issues $33 Million in Debt to Buy Bitcoin

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AI Company Issues $33 Million in Debt to Buy Bitcoin

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