Genius Group, a company that uses artificial intelligence (AI) in online education, has shared plans to use any future lawsuit winnings to reward its investors and buy more Bitcoin
According to a June 25 statement, the company’s board approved a proposal that would split the money from two upcoming legal cases between shareholders and the company’s Bitcoin holdings.
If Genius Group wins either case, half of the funds will go to shareholders as a special cash payment. The other half will be used to buy Bitcoin and store it as part of the company’s financial reserves.
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One of the lawsuits was filed under the RICO Act and seeks over $750 million in damages from LZGI International. The other lawsuit has not yet been submitted, but Genius Group’s CEO, Roger Hamilton, stated that the combined total of both cases could exceed $1 billion in claims.
Hamilton stated that the company expects to recover at least $262 million based on financial data from 2023. He also mentioned that this estimate is likely to rise once figures from 2024 and 2025 are added.
Additionally, Hamilton said the company wants to ensure that any money won through the courts is returned to benefit shareholders. According to the company’s plan, if both lawsuits are successful, shareholders would receive $7 for every share they hold.
At the same time, Genius Group would use the rest of the funds to purchase around 5,000 Bitcoin at current market prices, which are close to $107,000 per coin.
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