Genius Group Announces $33 Million Placement Issue to Increase Bitcoin Reserves

Jan. 14 (Bloomberg) -- Artificial intelligence company Genius Group (NYSE American: GNS) has announced that its board of directors has approved a plan to proceed with a $33 million placement of the company's common stock, with 100 percent of the net proceeds from the placement to be used to purchase bitcoins for the company's bitcoin vault, Globenewswire reports.

In addition, the company plans to seek one or more additional loan facilities totaling up to $20 million. If the company is successful in raising the maximum amount in the share placement and additional loans, the company's bitcoin reserves will increase from approximately $35 million in bitcoin to $86 million in bitcoin.

The company will hold a live webcast and investor conference call on January 15, 2025 to discuss the share placement.