Education firm specializing in Bitcoin, Genius Group – which operates with the aid of artificial intelligence (AI) – has received approval for a substantial $33 million fundraising round. These proceeds are intended to strengthen the company’s reserves of Bitcoin.
Lately, Genius announced its plan to disburse 90% of its Bitcoins, aiming for a total Treasury value of $120 million. Over the past two months, this Bitcoin educational organization has successfully acquired 372 BTC at an average cost of approximately $94,047 each.
On a contrasting note, Bitcoin’s recent dip to $89,000 followed by a jump to $97,000 has left some investors puzzled. Yet, it’s evident that global institutions are optimistic about the future of this leading digital currency. The Genius Group’s $33 million rights offering serves as evidence of this bullish sentiment.
Genius Group’s $33M Rights Offering
As a researcher, I’m elated to report that our Board at Genius has given the green light for a $33 million rights offering. This strategic decision could significantly boost our Bitcoin reserves, potentially elevating them from their current $35 million to an impressive $86 million. However, it’s important to note that the exact increase will depend on the subscription level of this offering.
Notably, as of January 24th, every Genius education platform shareholder will possess a claim for each share they currently hold. Furthermore, these shareholders are permitted to transfer these claims, with each claim enabling the holder to purchase one ordinary share at $0.50. Additionally, shareholders have the option to request additional shares if others choose not to exercise their rights.
Beginning January 23rd, the stocks will start trading on NYSE with the symbol “GNS RTWI” as a when-issued trade. Regular trading under the symbol “GNS RT” commences on January 27th and continues until February 13th. Lastly, the rights offering concludes at 4:30 p.m. ET on February 14th.
In a confirmed statement, Roger Hamilton, both the chief executive and founder of Genius Group, has announced his intention to join the rights offering as well. By purchasing an impressive 6.8 million shares through the exercise of his rights, Hamilton will boost his ownership stake in the company to approximately 10.3%.
Instability in the Market
On Monday, Bitcoin dipped below the $90,000 mark for the first time, but later recouped and reached a daily peak of $97,352.66 on Tuesday. As per CoinMarketCap information, Bitcoin has decreased by 11.01% from its record high of $108K. However, according to Tom Lee from Fundstrat, this drop is considered a typical correction for the market’s leading cryptocurrency.
Currently, the price of Bitcoin stands at approximately $96,468.67, representing an increase of 5.20% over the past day. Moreover, its market capitalization is nearing the $2 trillion mark, having reached a value of $1.91 trillion.
On the presented weekly chart, the Relative Strength Index (RSI) for Bitcoin signals an exceptionally strong bullish trend on extended time scales. The RSI currently stands at 64.97, indicating a significantly elevated level of selling pressure among investors who are holding onto their Bitcoin coins.
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2025-01-15 03:33