If successful, Genius Group\u2019s $1 billion lawsuits could net shareholders $7 per share while boosting the company\u2019s Bitcoin holdings by 5,000 BTC. <\/p>\n
Artificial intelligence-driven edtech firm Genius Group plans to distribute potential winnings from billion-dollar lawsuits to shareholders and use a portion to expand its Bitcoin treasury, the company said.<\/p>\n
In a Thursday press release, the board of directors at Genius Group approved<\/a> the distribution plan for repurposing any wins from two lawsuits that seek combined damages of more than $1 billion.<\/p>\n One lawsuit has been filed under the Racketeer Influenced and Corrupt Organizations Act (RICO), which seeks damages of over $750 million against LZGI International. The second is yet to be filed, according to Genius Group\u2019s CEO, Roger Hamilton. \u00a0<\/p>\n Hamilton said the company expects to claim at least $262 million based on 2023 data, with updated figures likely to increase that amount to account for damages in 2024 and 2025.<\/p>\n Hamilton said that the lawsuits aim to recover damages caused to the shareholders by the defendants.<\/p>\n \u201cThe Board believes that 100% of any proceeds from the successful outcome of these cases should be directly distributed or reinvested for the benefit of shareholders,\u201d he said.<\/p>\n According to Hamilton, 50% of the winnings will be distributed among shareholders as a special dividend, while the other half will be redirected to the company\u2019s Bitcoin (BTC<\/a>) treasury.<\/p>\n If the company wins both legal battles, shareholders will receive a dividend of $7 per share, and Genius will buy and add 5,000 BTC to its treasury at current market prices of about $107,000 per Bitcoin.<\/p>\n Related: <\/strong><\/em>VanEck warns: Why Bitcoin treasury companies could face capital erosion<\/strong><\/em><\/a><\/p>\n Future court winnings will also be subject to the distribution plan. However, the company clarified that \u201cthere is no guarantee\u201d of any win or payouts in either case.<\/p>\n On June 17, Genuis Group expanded its corporate Bitcoin treasury by more than 50%<\/a> after making a series of BTC acquisitions. The company aims to acquire 1,000 BTC for its corporate treasury.<\/p>\n Genius Group was temporarily banned<\/a> from selling shares, raising funds and using investor funds to buy Bitcoin, which was lifted after a month<\/a>.<\/p>\n <\/template><\/p>\n Magazine: <\/strong><\/em>North Korea crypto hackers tap ChatGPT, Malaysia road money siphoned: Asia Express<\/strong><\/em><\/a><\/p>\nBitcoins Splitting the lawsuit wins in equal halves<\/h2>\n
Bitcoins Genuis Group on a Bitcoin accumulation spree<\/h2>\n