Genius Group to raise $33m to buy more BTC
Genius Group has announced a $33 million rights offering. The company will use net proceeds from the sale to buy Bitcoin. Genius Group holds $35 million in BTC and could see holdings rise to $86 million with plans for additional $20 million loan. Publicly-listed artificial intelligence firm Genius Group plans to raise $33 million to buy additional Bitcoin (BTC) as part of its BTC treasury. Genius Group announced on Jan. 14 that the company’s board of directors had approved a rights offering plan for $33 million. The company will use net proceeds from the shares sale to purchase more Bitcoin. As well as the rights offering, Genius Group is eyeing further financing, with one or more loan options aggregating to $20 million on the table. The company’s current BTC treasury stands around $35 million, which means successful raises from the offering and via the loans option could see Genius Group’s total Bitcoin haul rise to $86 million. Bitcoin s...