Genius Group eyes massive Bitcoin buys from billion-dollar lawsuits

Artificial intelligence-driven edtech steadfast Genius Group plans to administer imaginable winnings from its multibillion-dollar lawsuits with shareholders and usage a information to grow its Bitcoin treasury, the institution said.

In a Thursday property release, the committee of directors astatine Genius Group approved the organisation program for repurposing immoderate wins from 2 lawsuits, which question combined damages of much than $1 billion.

One suit has been filed nether the Racketeer Influenced and Corrupt Organizations Act (RICO), which seeks damages of implicit $750 cardinal against LZGI International. The 2nd is yet to beryllium filed, according to Genius Group’s CEO, Roger Hamilton.  

Hamilton said it is expected to assertion astatine slightest $262 cardinal based connected 2023 data, with updated figures apt to summation that magnitude to relationship for damages successful 2024 and 2025.

Hamilton said that the lawsuits purpose to retrieve damages caused to the shareholders by the defendants.

“The Board believes that 100% of immoderate proceeds from the palmy result of these cases should beryllium straight distributed oregon reinvested for the payment of shareholders,” helium said.

Source: Roger Hamilton

Splitting the suit wins successful adjacent halves

According to Hamilton, 50% of the winnings volition beryllium distributed among shareholders arsenic a peculiar dividend, portion the different fractional volition beryllium redirected to the company’s Bitcoin (BTC) treasury.

If the institution wins some ineligible battles, shareholders volition person a dividend of $7 per share, and Genius volition bargain and adhd 5,000 BTC to its treasury successful existent marketplace prices of astir $107,000 per Bitcoin.

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Future tribunal winnings volition besides beryllium taxable to the organisation plan. However, the institution clarified that “there is nary guarantee” of immoderate triumph oregon payouts successful either case.

Genuis Group connected a Bitcoin accumulation spree

On June 17, Genuis Group expanded its firm Bitcoin treasury by much than 50% aft making a bid of BTC acquisitions. The institution aims to get 1,000 BTC for its firm treasury.

Genius Group was temporarily banned from selling shares, raising funds and utilizing capitalist funds to bargain Bitcoin, which was lifted aft a month.

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